Section 487.13707 – Definitions; Consolidation Agreement; Approval of Terms and Conditions.
487.13707 Definitions; consolidation agreement; approval of terms and conditions. Sec. 3707. (1) As used in this section: (a) “Consolidation agreement” means an agreement entered into among an existing bank, existing savings bank, or an existing association, and a new bank, and a new holding company that provides both of the following: (i) That the existing […]
Section 487.13708 – Conversion of Bank Into Stock Association, Stock Savings Bank, or National Banking Association.
487.13708 Conversion of bank into stock association, stock savings bank, or national banking association. Sec. 3708. (1) Upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding capital stock, a bank may be converted under the laws of this state into a […]
Section 487.13709 – Conversion of Depository Institution.
487.13709 Conversion of depository institution. Sec. 3709. (1) With the approval of the commissioner and upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding capital stock, a national banking association, stock association, or stock savings bank doing business in this state […]
Section 487.13710 – Effect of Conversion.
487.13710 Effect of conversion. Sec. 3710. If a conversion becomes effective under section 3708 or 3709, all of the following shall apply: (a) The converted organization shall be considered a continuation of the body corporate of the converting organization. (b) The title to all property, real or personal, including any rights that may be attached […]