§ 13-6-301 — Procedure generally

Wyoming § 13-6-301

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 6: SAVINGS AND LOAN ASSOCIATIONS
• Art. 3: REORGANIZATION

Text

(a) Any association organized under the laws of this
state, including a mutual savings and loan association, may
reorganize the association and provide for the carrying on of
its business under the laws of this state by a vote of
two-thirds (2/3) of the shares of the members of the association
who vote at the meeting. No meeting shall be called unless the
plan has first been approved by the state banking commissioner,
the federal deposit insurance corporation and the comptroller of
the currency. Notice of the meeting shall contain a statement of
the time, place and purpose of the meeting and an outline of the
reorganization plan. Notice shall be given by mailing a copy to
each shareholder at least thirty (30) days prior to the date of
the meeting, addressed to the shareholder at his address shown
by the books of the association. Shareholders may vote at the
meeting in person or by proxy and all voting shall be by ballot.
The plan of reorganization may provide for reincorporation under
the existing corporate name or under a different name, may
provide for the exchange of shares in the association for shares
of the same or a different class in the reorganized association
and may fix the time or times prior to which notice of
withdrawal of shares issued in exchange for shares in the
association being reorganized shall not be given, and, if the
withdrawal of the shares is so postponed, this fact shall be
printed or stamped on the face of the certificates evidencing
shares so to be issued. All obligations to any prior association
shall inure to the benefit of the reorganized association and be
enforceable by it and in its name, and demands, claims and
rights of action against any prior association may be enforced
against the reorganized association as fully and completely as
they might have been enforced before reorganization.
(b) Associations that are in the course of liquidation may
reorganize. No reorganization is effective until approved by the
state banking commissioner and the appropriate federal banking
regulatory agency and until the members holding three-fourths
(3/4) of the outstanding shares have approved the plan in
writing.
(c) A copy of the articles of incorporation of the
association as reorganized, certified by the secretary of the
association, shall be filed with the state banking commissioner
in the same manner provided for amendments to articles of
incorporation. All pending withdrawal applications shall be
cancelled.