2006 Minnesota Statutes

47.28 SAVINGS BANKS MAY CONVERT INTO SAVINGS ASSOCIATIONS.
    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 banks.
    Subd. 3. Recording. Upon receipt of the fees required for filing and recording amended
articles of incorporation of savings banks, the secretary of state 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    Subd. 4.[Repealed by amendment, 1995 c 171 s 16]
    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.
History: 1949 c 337 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s 70;
1986 c 444; 1995 c 171 s 16; 1995 c 202 art 1 s 6