Federal association and directors to take necessary action to incorporate as state association; no minimum amount of capital required.
1. After the meeting, the federal association shall take such action in the manner prescribed and authorized by the laws of this state as shall make it a savings and loan association of this state, and the directors elected at the meeting shall file such documents and follow such procedures as are required by the laws of this state in the case of the original incorporation of a savings and loan association.
2. A savings and loan association incorporated by conversion from a federal savings and loan association shall not be required to comply with any of the provisions of law or any regulation adopted by the Commissioner relating to the minimum amounts of capital required to be subscribed in connection with the original incorporation of a savings and loan association under the laws of this state.
Last modified: February 26, 2006