§ 9-B §343 — Conversion of institutional charter

A financial institution organized under Part 12 may convert its charter to do business as another institution organized under Part 12 or as a universal bank, and a universal bank organized under chapter 31 may convert to a financial institution organized under Part 12 in the following manner.
1.
Adoption of plan.
The institution's governing body shall adopt by a 2/3 vote of all members a conversion plan that must include:
2.
Superintendent's approval.
The superintendent shall approve a conversion plan in accordance with section 341, subsection 3.
3.
Vote of investors.
The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting, or at a special meeting called for that purpose, pursuant to the requirements of section 352, subsection 3. Approval requires a majority vote or higher if required by the institution's organizational documents of those entitled to vote.
4.
Executed plan; certificate; and effective date.
The following provisions apply to the executed plan, certificate and effective date.
5.
Effect of disapproval.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1977, c. 155, §2 (AMD). PL 1991, c. 670, §4 (AMD). PL 1997, c. 398, §F3 (AMD).