3 CCR 703-1-12 - CONVERSION PROCEDURES
12-1. For
the purpose of conversion from a federal to a state savings and loan
association pursuant to C.R.S.
11-45-103, in the case of a
permanent stock association, the requirement of subsection (1) of the above
noted section for a majority vote of members shall be satisfied by a majority
vote of the holders of permanent stock, who possess exclusive voting rights in
accordance with C.R.S.
11-42-107(6).
12-2. The following items shall be submitted
by the converting federal association to the Commissioner for approval:
(a) A copy of the minutes of the proceedings
of the meeting of members as required by C.R.S.
11-45-103(1).
(b) Two copies of the certificate
of incorporation as required by C.R.S.
11-45-103(2),
which shall comply with the content requirements of C.R.S.
11-41-104.
(c) One copy of the bylaws as required by
C.R.S. 11-45-103(2),
which shall comply with the content requirements of C.R.S.
11-41-112(1)
(g).
12-3. If the Commissioner's review of the
items submitted pursuant to Section 12-2 indicates compliance with state law,
the Commissioner shall issue a certificate of approval to the converting
federal association.
12-4. The
converting federal association shall file its certificate of incorporation,
accompanied by the Commissioner's certificate of approval, with the Secretary
of State in accordance with C.R.S.
11-41-109(2).
12-5. Upon the filing pursuant to
Section 12-4 and the payment of required fees to the Secretary of State, the
conversion of the federal savings and loan association into a state association
shall be deemed completed.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.