Section 286.5-611 - Conversion of federal association to state association - Procedure(1) Any federal savings and loan association may convert itself into a state-chartered association upon a vote of two-thirds (2/3) or more of the votes of members of such federal savings and loan association cast at an annual meeting or at any special meeting called to consider such action. Copies of the minutes of the proceedings of such meeting, verified by the affidavit of the secretary or an assistant secretary, shall be filed in the office of the commissioner and mailed to the federal home loan bank board, Washington, D. C., within ten (10) days after such meeting. The verified copies of the proceedings of the meeting when so filed shall be presumptive evidence of the meeting and action taken at such meeting.(2) At the meeting at which conversion is voted upon, the members shall also vote upon the directors who shall be the directors of the state-chartered association after conversion takes effect. Such directors then shall execute two (2) copies of the petition for certificates of incorporation provided for in this subtitle and two (2) copies of the bylaws, as provided in this subtitle.(3) The commissioner shall insert in the certificates of incorporation, at the end of the paragraph preceding the testimonium clause, the following: "This association is incorporated by conversion from a federal savings and loan association."(4) Each of the directors chosen for the association shall sign and acknowledge the petition for certificates of incorporation as subscribers thereto and the proposed bylaws as incorporators of the association.(5) The provisions of this subtitle shall, so far as applicable, apply to such conversion under this subtitle. The commissioner may provide, by regulation for the procedure to be followed by any such federal savings and loan association converting into a state-chartered association. All the provisions regarding property and other rights contained in KRS 286.5-591 shall apply, in reverse order, to the conversion of a federal savings and loan association into a state-chartered association, so that the state-chartered association shall be continuation of the corporate entity of the converting federal association and continue to have all of its property and rights.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 695, effective7/15/2010. -- Created 1964 Ky. Acts ch. 138, sec. 41, effective 6/18/1964.