§ 13-6-304 — Conversion to state association; procedure

Wyoming § 13-6-304

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

Text

(a) Any savings and loan association organized under the
federal laws and doing business in this state pursuant to W.S.
13-4-109 through 13-4-112, including a mutual savings and loan
association, may convert itself into a state savings and loan
association under the laws of this state by the following
procedure:
(i) At any meeting of the shareholders and members of
any association called to consider a conversion and held in
accordance with the laws governing the association, the
shareholders and members by an affirmative vote of a majority of
shares represented may vote to convert the association into a
guaranty savings and loan association organized under the laws
of this state. At this meeting directors of the converted
association shall be chosen, and either the meeting shall adopt
or the directors chosen shall adopt bylaws for the converted
association;
(ii) A copy of the minutes of the meeting of the
shareholders and members, verified by the affidavit of the
president or vice president and the secretary of the meeting,
shall be filed within ten (10) days after the meeting with the
appropriate federal banking regulatory agency and in the state
banking commissioner's office. The verified copy of the minutes
of the meeting, when filed, is presumptive evidence of the
holding and the action of the meeting;
(iii) The association shall then organize itself as a
state savings and loan association under the laws of this state,
including the filing of appropriate articles of incorporation,
adoption of bylaws and election of officers and full compliance
with the provisions of W.S. 13-2-201, 13-2-202 and 13-2-207
through 13-2-215. Upon completion of its organization, the
association ceases to be a federal savings and loan association
and becomes a state savings and loan association subject to the
supervision of the state banking commissioner and the
appropriate federal banking regulatory agency.