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    Subdivision 1. Procedure. Any capital stock savings association organized and existing
under and by virtue of the laws of this state may amend its articles of incorporation so as to
convert itself into a savings bank, by complying with the following requirements and procedure:
A meeting of the shareholders shall be held upon not less than 15 days' written notice to
each shareholder, served either personally or by mail prepaid, directed to the shareholder's last
known post office address according to the records of the association, stating the time, place and
purpose of such meeting.
At such meeting, the shareholders may by two-thirds vote (according to the book value of
said shares) of those present in person or by proxy pass a resolution declaring their intention to
convert such association into a savings bank and setting forth the names of the proposed first
board of directors. A copy of the minutes of such meeting verified by the affidavit of the chair
and the secretary of the meeting, shall be filed in the office of the Department of Commerce
within ten days after the meeting. Such copy, when so filed, shall be evidence of the holding of
such meeting and of the action taken.
    Subd. 2. Application. An application for a certificate authorizing a savings bank to transact
business, in the form required by sections 46.041 and 46.046, 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 sections 46.041, 46.044, 46.046, and
50.01. The fees required by section 46.041 shall be paid and the amendments proposed to the
articles of incorporation and bylaws shall be included as part of the application.
    Subd. 3. Amendment of articles. If the Department of Commerce grants the application, the
certificate of authorization (charter) shall be issued as provided by section 46.041, and the articles
of incorporation may then be amended so as to convert the savings association into a savings
bank by following the procedure prescribed for amending articles of incorporation of savings
associations: Provided, that the proposed amended articles shall contain the names of, and be
signed by, the proposed first board of directors.
    Subd. 4.[Repealed, 1995 c 171 s 70]
    Subd. 5. Recording. Upon receipt of the fees required for filing and recording amended
articles of incorporation of savings associations, the secretary of state shall record the amended
articles of incorporation and certify that fact thereon, whereupon the conversion of such savings
association into a savings bank shall become final and complete and thereafter the signers of said
amended articles and their successors shall be a corporation, and have the powers and be subject
to the duties and obligations prescribed by the laws of this state applicable to savings banks.
    Subd. 6.[Repealed, 1995 c 171 s 70]
    Subd. 7. Conformance to applicable laws. The resulting savings bank 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 commissioner 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 banks.
History: 1949 c 337 s 4; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1985 c 248 s
16,17,70; 1986 c 444; 1995 c 171 s 19-22