32-2-253. Submission to members or stockholders. (1) If the department has approved a plan of conversion pursuant to 32-2-252, the plan shall be submitted for adoption to the members or stockholders of the association for a vote at a meeting called for that purpose. The plan must be approved by:
(a) members of a mutual association representing two-thirds of the withdrawable deposits, present in person or by proxy at the meeting; or
(b) stockholders of a capital stock association holding two-thirds of the capital stock, represented in person or by proxy at the meeting.
(2) If the plan is approved, action shall be taken to amend the articles of incorporation and bylaws as necessary, elect directors and officers, and take any other action as is required or appropriate for the type of association into which the applicant will be converted. A certified report of the proceedings shall be filed promptly with the department.
History: En. Sec. 37, Ch. 5, L. 1983.