Filing of charter or certificate with Commissioner; fee; taxation.
1. After the holding of the meeting of stockholders, the state company, association or corporation shall take such action, in the manner prescribed or authorized by the laws of the United States or the rules and regulations promulgated pursuant thereto, as shall make it a federal savings and loan association, and there shall thereupon be filed in the Office of the Commissioner a copy of the charter of authorization issued to the association by the Federal Home Loan Bank Board or a certificate showing the organization of the association as a federal savings and loan association, certified by the Federal Home Loan Bank Board. Upon filing with the Commissioner, the association ceases to be a state savings and loan association, but retains all rights, privileges and exemptions of a domestic association of the same kind and character.
2. A fee of $20 must accompany the copy of the charter of authorization.
3. Federal associations so converted and their members are subject to the same form of taxation and on the same basis as state associations and their stockholders.
Last modified: February 26, 2006