Prohibition on approval of certain applications for conversion.

No application for conversion may be approved by the director if:(1) The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter;(2) The conversion would result in a reduction of the applicant's net worth below requirements established by the director;(3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or(4) The converted savings bank does not meet the insurance requirements as established by the director.[ 1994 c 92 s 353; 1981 c 85 s 5.]