Subdivision 1. Procedure. Any savings bank organized and existing under and by virtue of the law of this state
may amend its articles of incorporation so as to convert itself into a savings association,
by complying with the following requirements and procedure:
The savings bank by a two-thirds vote of the entire board of directors, at any regular
or special meeting of said board duly called for that purpose, shall (a) pass a resolution
declaring their intention to convert the savings bank into a savings association,
and (b) cause an application in writing to be executed, by such persons as the directors
may direct, in the form prescribed by the Department of Commerce, requesting a certificate
of authorization (charter) as a savings association to transact business at the place
and in the name stated in the application. The amendments proposed to the articles of incorporation and bylaws shall be included
as part of the application.
The application shall be submitted to, considered and acted upon by the Department
of Commerce in the same manner and by the same standards as applications are submitted,
considered and acted upon under chapter 51A.
Subd. 2. Amendment of articles. If the certificate of authorization (charter) be issued, the articles of incorporation
may then be amended so as to convert the savings bank into a savings association by
following the procedure prescribed for amending articles of incorporation of savings
Subd. 3. Recording. Upon receipt of the fees required for filing and recording amended articles of incorporation
of savings banks, the commissioner of commerce shall record the amended articles of
incorporation and certify that fact thereon, whereupon the conversion of such savings
bank into a savings association shall become final and complete and thereafter said
corporation shall have the powers and be subject to the duties and obligations prescribed
by the laws of this state applicable to savings associations.
Subd. 5. Conformance to applicable laws. The resulting association shall as soon as practicable and within such time not
extending beyond three years from the date the conversion becomes final and complete
and by such methods as the department of commerce shall direct, cause its organization,
its securities and investments, the character of its business, and the methods of
transacting the same to conform to the laws applicable to savings associations.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.