§ 13-6-302 — Conversion to federal association; procedure

(a) Any state savings and loan association, including a
mutual savings and loan association, or any other home financing
association, eligible to become a federal savings and loan
association may convert itself into a federal savings and loan
association by the following procedure:
(i) At any meeting of the shareholders of the
association called to consider a conversion and held in
accordance with the laws governing the association, the
shareholders by an affirmative vote of the majority of the
shareholders present in person or by proxy may vote to convert
the association into a federal savings and loan association;
(ii) A copy of the minutes of the meeting verified by
the affidavit of the president and the secretary of the meeting
shall be filed within ten (10) days in the state banking
commissioner's office and the appropriate federal banking
regulatory agency;
(iii) After the adjournment of the meeting of
shareholders, the association shall take the necessary action to
make it a federal savings and loan association. Within ten (10)
days of receipt of the federal charter a copy of the charter
issued to the association by the appropriate federal banking
regulatory agency or a certificate showing the organization of
the association as a federal savings and loan association
certified by, or on behalf of the appropriate federal banking
regulatory agency shall be filed in the state banking
commissioner's office and upon filing the association ceases to
be a state association and becomes a federal savings and loan
association.