3 Colo. Code Regs. § 703-1-12
Current through Register Vol. 48, No. 1, January 10, 2025
Section 3 CCR 703-1-12 - CONVERSION PROCEDURES12-1. For the purpose of conversion from a federal to a state savings and loan association pursuant to C.R.S. 11-45-103, in the case of a permanent stock association, the requirement of subsection (1) of the above noted section for a majority vote of members shall be satisfied by a majority vote of the holders of permanent stock, who possess exclusive voting rights in accordance with C.R.S. 11-42-107(6).12-2. The following items shall be submitted by the converting federal association to the Commissioner for approval: (a) A copy of the minutes of the proceedings of the meeting of members as required by C.R.S. 11-45-103(1). (b) Two copies of the certificate of incorporation as required by C.R.S. 11-45-103(2), which shall comply with the content requirements of C.R.S. 11-41-104.(c) One copy of the bylaws as required by C.R.S. 11-45-103(2), which shall comply with the content requirements of C.R.S. 11-41-112(1) (g).12-3. If the Commissioner's review of the items submitted pursuant to Section 12-2 indicates compliance with state law, the Commissioner shall issue a certificate of approval to the converting federal association.12-4. The converting federal association shall file its certificate of incorporation, accompanied by the Commissioner's certificate of approval, with the Secretary of State in accordance with C.R.S. 11-41-109(2). 12-5. Upon the filing pursuant to Section 12-4 and the payment of required fees to the Secretary of State, the conversion of the federal savings and loan association into a state association shall be deemed completed.