§ 409. Conversion of a state savings and loan association into a federal savings and loan association. Any savings and loan association may convert itself into a federal savings and loan association. A meeting of the shareholders shall be held upon not less than ten days' written notice to each shareholder, 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 association before or at the time of such meeting.

At such meeting the shareholders may, by vote in person or by proxy of the holders of (a) at least sixty-six and two-thirds per centum in amount of the book value of all outstanding shares, or (b) at least seventy-five per centum in amount of the book value of the outstanding shares represented at the meeting, authorize the conversion of such savings and loan association into a federal savings and loan association. 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 two days thereafter.

Within three months after the date of such meeting, the association shall take such action, in the manner prescribed or authorized by the laws of the United States as shall make it a federal savings and loan association and shall thereupon file in the office of the superintendent a copy of the charter or authorization issued to it. Upon such filing the association shall cease to be a corporation under the laws of this state, except that its corporate existence shall continue for the purpose of prosecuting or defending suits and of enabling it to wind up its affairs as a state savings and loan association and to dispose of and convey its property. At the time when such conversion becomes effective, all of the property of the state savings and loan association shall immediately by act of law and without any conveyance or transfer become the property of the federal savings and loan association and the federal savings and loan association shall thereupon succeed to all the rights, obligations and relations of the state savings and loan association.