§ 409. Conversion of a state savings and loan association into a\nfederal savings and loan association. Any savings and loan association\nmay convert itself into a federal savings and loan association. A\nmeeting of the shareholders shall be held upon not less than ten days'\nwritten notice to each shareholder, either served personally or mailed\nto him at his last known address and containing a statement of the time,\nplace and purpose of such meeting. Proof by affidavit of due service of\nsuch notice shall be filed in the office of the association before or at\nthe time of such meeting.\n At such meeting the shareholders may, by vote in person or by proxy of\nthe holders of (a) at least sixty-six and two-thirds per centum in\namount of the book value of all outstanding shares, or (b)
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§ 409. Conversion of a state savings and loan association into a\nfederal savings and loan association. Any savings and loan association\nmay convert itself into a federal savings and loan association. A\nmeeting of the shareholders shall be held upon not less than ten days'\nwritten notice to each shareholder, either served personally or mailed\nto him at his last known address and containing a statement of the time,\nplace and purpose of such meeting. Proof by affidavit of due service of\nsuch notice shall be filed in the office of the association before or at\nthe time of such meeting.\n At such meeting the shareholders may, by vote in person or by proxy of\nthe holders of (a) at least sixty-six and two-thirds per centum in\namount of the book value of all outstanding shares, or (b) at least\nseventy-five per centum in amount of the book value of the outstanding\nshares represented at the meeting, authorize the conversion of such\nsavings and loan association into a federal savings and loan\nassociation. A copy of the minutes of such meeting, verified by the\npresiding officer and by the secretary of the meeting, shall be filed in\nthe office of the superintendent within two days thereafter.\n Within three months after the date of such meeting, the association\nshall take such action, in the manner prescribed or authorized by the\nlaws of the United States as shall make it a federal savings and loan\nassociation and shall thereupon file in the office of the superintendent\na copy of the charter or authorization issued to it. Upon such filing\nthe association shall cease to be a corporation under the laws of this\nstate, except that its corporate existence shall continue for the\npurpose of prosecuting or defending suits and of enabling it to wind up\nits affairs as a state savings and loan association and to dispose of\nand convey its property. At the time when such conversion becomes\neffective, all of the property of the state savings and loan association\nshall immediately by act of law and without any conveyance or transfer\nbecome the property of the federal savings and loan association and the\nfederal savings and loan association shall thereupon succeed to all the\nrights, obligations and relations of the state savings and loan\nassociation.\n