2023 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.