New York Codes, Rules and Regulations › Title 3 - BANKING › Supervisory Policies and Procedures › Savings and Loan Associations › Supervisory Procedure 112 - Conversion of Federal Savings and Loan Association to State Charter › Section 112.1 - General information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				  instructions set forth in this Supervisory Procedure shall apply to the
				  conversion of a Federal savings and loan association having its place of
				  business in this State into a State savings and loan association pursuant to
				  Banking Law, §410.
(b) Six
				  copies of a letter of application and each document referred to in section
				  112.2 
				  of this Supervisory Procedure, including two executed copies of the documents
				  referred to in section
				  112.2(a), (b) and
				  (c)  of this Supervisory Procedure, shall be
				  filed with the superintendent, at the address set forth in section
				  1.1  of
				  Supervisory Policy G 1 of this Title. The letter of application shall set forth
				  the name and address of the officer to whom all communications from the Banking
				  Department should be addressed and the date or proposed date of filing of any
				  required applications or other documents with any Federal agency and shall be
				  accompanied by payment of the fee specified in section
				  1.2  of
				  Supervisory Policy G 1 of this Title. Inquiries concerning the preparation of
				  the application should be addressed to the superintendent.
(c) Before submission of the application, the
				  plan of conversion shall be approved at a meeting held upon not less than 10
				  days' written notice to each shareholder by the vote, in person or by proxy, of
				  the holders of at least 662/3 percent in amount of the book value of all
				  outstanding shares of the association, or at least 75 percent in amount of the
				  book value of the outstanding shares of the association represented at the
				  meeting. Notice of the shareholders' meeting, together with any proxy material,
				  shall be served personally upon or mailed to each shareholder of the
				  association at his last known address and shall contain a statement of the
				  time, place and purpose of the meeting.
(d) Within 60 days after the date the
				  application is filed, the association shall take the action prescribed or
				  authorized by Federal law to effect such conversion.
(e) Approval by the superintendent will be
				  conditioned in all cases upon the continued insurance by the Federal Savings
				  and Loan Insurance Corporation of all deposit accounts to the extent permitted
				  by Federal law.
(f) Following
				  submission of the application, the Superintendent will ordinarily require a
				  full examination of the Federal savings and loan association by State bank
				  examiners before he acts on the application.
(g) The superintendent reserves the right to
				  require additional information in connection with the application. The
				  applicants may, of course, submit any information in addition to that required
				  by this Supervisory Procedure which they deem pertinent to the
				  application.