8-183.02. State or federal savings association; plan of conversion; approval.
221 words·~1 min read·
/ne/chapter-8/8-183-02A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)If the director approves a plan of conversion in accordance with section 8-183.01 , such plan shall be submitted for adoption to the members or shareholders of the converting savings association by vote at a meeting called to consider such action. At least three weeks prior to such meeting, a copy of the plan, together with an accurate summary plan description explaining the operation of the plan and the rights, duties, obligations, liabilities, conditions, and requirements which may be imposed upon such members or shareholders and the converted association as a result of the operation of the plan, shall be mailed to each member or shareholder eligible to vote at such meeting.
(2)The plan of conversion must be approved by not less than sixty percent of the total outstanding shares, which may be voted by proxy or in person at the meeting called to consider such conversion.
(3)A certified copy of the proceedings at such meeting shall be filed with the director within thirty days after such meeting.
(4)If the plan of conversion is approved, the board of directors of the savings association shall take action to obtain a state bank charter, adopt articles of incorporation, adopt bylaws, elect directors and officers, and take such other action as is required or appropriate for a state bank corporation.