N.Y. Comp. Codes R. & Regs. tit. 3 § 112.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 112.1 - General information

(a) The instructions set forth in this Supervisory Procedure shall apply to the conversion of a Federal savings and loan association having its place of business in this State into a State savings and loan association pursuant to Banking Law, §410.

(b) Six copies of a letter of application and each document referred to in section 112.2 of this Supervisory Procedure, including two executed copies of the documents referred to in section 112.2(a), (b) and (c) of this Supervisory Procedure, shall be filed with the superintendent, at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title. The letter of application shall set forth the name and address of the officer to whom all communications from the Banking Department should be addressed and the date or proposed date of filing of any required applications or other documents with any Federal agency and shall be accompanied by payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. Inquiries concerning the preparation of the application should be addressed to the superintendent.

(c) Before submission of the application, the plan of conversion shall be approved at a meeting held upon not less than 10 days' written notice to each shareholder by the vote, in person or by proxy, of the holders of at least 662/3 percent in amount of the book value of all outstanding shares of the association, or at least 75 percent in amount of the book value of the outstanding shares of the association represented at the meeting. Notice of the shareholders' meeting, together with any proxy material, shall be served personally upon or mailed to each shareholder of the association at his last known address and shall contain a statement of the time, place and purpose of the meeting.

(d) Within 60 days after the date the application is filed, the association shall take the action prescribed or authorized by Federal law to effect such conversion.

(e) Approval by the superintendent will be conditioned in all cases upon the continued insurance by the Federal Savings and Loan Insurance Corporation of all deposit accounts to the extent permitted by Federal law.

(f) Following submission of the application, the Superintendent will ordinarily require a full examination of the Federal savings and loan association by State bank examiners before he acts on the application.

(g) The superintendent reserves the right to require additional information in connection with the application. The applicants may, of course, submit any information in addition to that required by this Supervisory Procedure which they deem pertinent to the application.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 112.1