Merger, consolidation, or conversion; vote of shareholders and members required; compliance with federal law

Sec. 1. (a) A savings association may be: (1) merged or consolidated with; or (2) converted into; a federal savings association, under the charter of the federal savings association or under a new charter issued to the converted association or the merged or consolidated association, upon a vote of fifty-one percent (51%) or more of the votes cast at a legal meeting of the shareholders and members of the state chartered savings association called to consider the proposed merger, consolidation, or conversion. (b) A merger, consolidation, or conversion under this section must be accomplished: (1) in compliance with the laws of the United States relating to the merger, consolidation, or conversion; and (2) upon terms and conditions prescribed or approved by the Office of the Comptroller of the Currency or its successor. As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.118; P.L.29-2022, SEC.16.