Section 393:46 Conversion Into Federal Savings and Loan Associations. - New Hampshire Statutes

Any building and loan association or cooperative bank of this state either of which is hereinafter referred to as association, doing a home-financing business may convert itself into a federal savings and loan association in accordance with the provisions of section 5 of the Federal Home Owners' Loan Act of 1933, as now or hereafter amended, upon a vote of 51 percent or more of the votes of the members present and voting at an annual meeting or at a special meeting called to consider such action; notice of such meeting to vote on conversion shall be mailed at least 20 and not more than 30 days prior to the date of the meeting to each member of record at his last known address as shown on the books of the association. A copy of the minutes of the proceedings of such meeting of the members, verified by the affidavit of the secretary or an assistant secretary, shall be filed in the office of the bank commissioner within 10 days after the date of such meeting. Such certified copy of the proceedings of such meeting, when so filed, shall be presumptive evidence of the holding and action of such meeting. Within 3 months after the date of such meeting, the association shall take such action in the manner prescribed and authorized by the laws of the United States as shall make it a federal savings and loan association.

Source. 1949, 168:1, par. 42, eff. April 28, 1949.