§ 9019 — Certain provisions relating to the conversion of non-stock savings banks and savings and loan associations to stock form

New York § 9019

• Jurisdiction: New York
• Law BNK: Banking
• Art. 16: General Provisions Applicable to Banking Non-stock Corporations

Text

§ 9019. Certain provisions relating to the conversion of non-stock\nsavings banks and savings and loan associations to stock form. No mutual\nsavings bank and no mutual savings and loan association shall convert to\nstock form unless all depositors (in the case of such savings banks) and\nall shareholders (in the case of such savings and loan associations) of\nany such converting institution whose aggregate deposit or share\nbalance, as the case may be, (as shown on the books and records of the\nconverting institution) equals at least one hundred dollars as of a\nrecord date to be established in accordance with general regulations of\nthe superintendent of financial services are provided with an\nopportunity to approve such conversion, either in person or by valid\nproxy, at a meeting duly convened in accordance with general regulations\nof the superintendent of financial services for the purpose of approving\nor disapproving such conversion. At such meeting, each depositor or\nshareholder shall be entitled to cast one vote for each full one hundred\ndollars of deposits or shares of such depositor or shareholder shown on\nthe books and records of the converting institution as of such record\ndate. A depositor or shareholder shall not be entitled to cast any votes\nfor any deposit or share balances in amounts of less than one hundred\ndollars. No such conversion shall be effective unless approved by the\naffirmative vote of at least seventy-five per centum of the aggregate\ndollar amount of the book value of deposits or shares, as the case may\nbe, represented (either in person or by proxy) at such duly convened\nmeeting and entitled to vote thereat.\n