NY Banking L § 260-B (2021)
2021 New York Laws BNK - Banking Article 6 - Savings Banks 260-B - Conversion of a Savings Bank Into a Savings and Loan Association.

§ 260-b.  Conversion  of  a  savings  bank  into  a  savings  and loan   association. 1. Any savings bank may convert itself into a  savings  and   loan  association  upon  receiving the approval of the superintendent as   hereinafter provided. A meeting of the board of trustees shall  be  held   upon  not  less than thirty days' written notice to each trustee, either   served personally or mailed  to  him  at  his  last  known  address  and   containing  a  statement of the time, place and purpose of such meeting.   Proof by affidavit of due service of such notice shall be filed  in  the   office of the savings bank before or at the time of such meeting.2.  At  such  meeting  the  trustees  may,  by  vote  of not less than   two-thirds of all the members of such board of trustees,  authorize  the   conversion  of  such  savings  bank  into a savings and loan association   subject to the approval of the superintendent as hereinafter provided. A   copy of the minutes of such meeting, verified by the  presiding  officer   and by the secretary of the meeting, shall be filed in the office of the   superintendent  within  thirty  days  after  the  date  of  such meeting   together with a copy of the affidavit of due service of  the  notice  of   the  meeting,  a  statement  setting  forth the reasons why the trustees   believe the conversion would be in the best  interests  of  the  savings   bank,  its  depositors and the public, and such other information as the   superintendent may require. If the superintendent  determines  that  the   proposed  conversion would be in the best interests of the savings bank,   its depositors and the public, he shall so advise the board of  trustees   of  the  savings  bank  and  deliver to them his written approval of the   proposed conversion.3.  Upon  receiving  the  superintendent's  written  approval  of  the   proposed  conversion,  there shall be filed with the superintendent, the   organization certificate required by section three hundred  seventy-five   of  this  chapter, executed by a majority of the directors, and proposed   by-laws as  required  by  section  three  hundred  seventy-six  of  this   chapter.4.  When  the  superintendent  shall  have  approved  the organization   certificate  and  the  proposed  by-laws  and  shall  have  issued   the   authorization  certificate, provided in article two of this chapter, the   savings bank shall cease to be a savings bank  and  shall  thereupon  be   converted  into  a  savings  and loan association, but such savings bank   shall be deemed to be  continued  for  the  purpose  of  prosecuting  or   defending  suits  and of enabling it to wind up its affairs as a savings   bank and to dispose of and convey its property.At the time when such conversion becomes effective all the property of   the savings bank shall  immediately  by  act  of  law  and  without  any   conveyance  or  transfer  become  the  property  of the savings and loan   association and the savings and loan association shall  succeed  to  all   the offices, rights, obligations and relations of the savings bank.