Effective - 06 Jul 1994
369.069. Conversion to federal association, procedure, effect of. — 1. At a meeting of the members of a mutual association or stockholders of a capital stock association, any association may convert itself into a federal savings association, hereinafter called a "federal association", in accordance with the laws of the United States, upon a vote of a majority of the votes of the members or of the stockholders cast in person or by proxy at the meeting. The notice of the meeting shall state that such action is to be considered at the meeting. A copy of the minutes of the proceedings of the meeting of the members or stockholders, verified by the affidavit of the secretary of the association, shall be filed in the office of the director of the division of finance within ten days after the meeting and shall be presumptive evidence of the holding and action of the meeting. Within three months after the date of the meeting, the association shall take the action required by the laws of the United States for conversion into a federal association. There shall be filed with the director of the division of finance and with the secretary of state either a copy of the charter issued to the federal association by the Office of Thrift Supervision or any successor thereto or a certificate showing the organization of the association as a federal association, certified by the secretary or assistant secretary of the Office of Thrift Supervision or any successor thereto. Failure to file any such instruments with either the director of the division of finance or the secretary of state shall not affect the validity of such conversion.
2. Any association granted such a charter by the Office of Thrift Supervision or any successor thereto shall cease to be an association under sections 369.010 to 369.369 and shall no longer be subject to the supervision and control of the director of the division of finance, but the corporate existence of the association shall not terminate, and the federal association shall be deemed to be a continuation of the entity of the association so converted and shall possess all the rights, privileges, immunities and franchises, as well of a public as a private nature of such association, and all property, real, personal and mixed, and all debts due on whatever account, and all other choses in action, and all and every other interest of or belonging to or due to the association shall be taken and deemed transferred to and vested in the federal association without further act or deed. The title to any real estate, or any interest therein, under the laws of this state vested in the association shall not revert or be in any way impaired by reason of the conversion.
3. The federal association shall thenceforth be responsible and liable for all the liabilities and obligations of the association, and any claim existing or action or proceeding pending by or against the association may be prosecuted to judgment as if the conversion had not taken place, or the federal association may be substituted in its place. Neither the rights of creditors nor any liens upon the property of the association shall be impaired by the conversion.
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(L. 1971 S.B. 3 § 13, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)
Effective 7-06-94