7-1-556. State bank or trust company to national bank or federal savings institution conversions.

A bank or trust company may convert to a national bank or a federal savings institution upon:#

1. (1)

   Authorization by and compliance with the laws of the United States; and#

2. (2)

   Adoption of a plan of conversion by the affirmative vote of at least:#

   1. (A)

      A majority of its directors; and#

   2. (B)

      The holders of two-thirds of each class of its shares at a meeting held upon not less than ten days’ notice to all shareholders.#

A state bank or trust company which converts to a national bank or a federal savings institution shall:#

1. (1)

   Notify the department of the proposed conversion;#

2. (2)

   Provide such evidence of the adoption of the plan of conversion as the department may request;#

3. (3)

   Notify the department of any abandonment or disapproval of the plan; and#

4. (4)

   File with the department and with the Secretary of State a certificate of the approval of the conversion by the appropriate federal regulator.#

Conversion of a state institution to a national banking association or a federal savings institution shall be effective upon completion of the requirements in subsection (b) of this Code section. Upon receipt of written confirmation from the department that the requirements of subsection (b) of this Code section have been satisfied, the institution’s articles as an institution existing under the laws of this state shall be automatically terminated.#