Conversion procedure

Sec. 3. The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following conditions: (1) The conversion must be proposed by the board of the savings bank in a resolution of conversion. (2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) of the board members. (3) The savings bank must provide all relevant information requested by the department in connection with the conversion. As added by P.L.42-1993, SEC.72.