(a) In this section, “transfer assets”, “transfer its assets”, or “transfer of assets” means to sell, lease, exchange, or otherwise transfer all or substantially all of the property and assets of a savings bank. (b) (1) A savings bank may consolidate with, merge into, or transfer its assets to any banking institution in this State, any other bank […]
(a) (1) In this section the following words have the meanings indicated. (2) “Converting institution” means a federal mutual savings bank. (3) “Federal mutual savings bank” means an institution that: (i) Is incorporated under federal law as a savings bank; and (ii) Is a mutual association. (b) A converting institution that is located in this State may convert into a savings bank […]
(a) A savings bank may dissolve voluntarily as provided in this section. (b) A proposed voluntary dissolution shall be approved by: (1) The affirmative vote, in person or by proxy, of two thirds of the members; or (2) If there are no members, the unanimous vote of the board of directors. (c) (1) After a proposed dissolution is approved, the board […]
(a) A savings bank may convert to a capital stock commercial bank with the approval of its members and the Commissioner. (b) The Commissioner shall adopt regulations to govern the conversion of savings banks to capital stock commercial banks.
