Sec.36a-136-13. Vote by depositors of a converting mutual savings and loan association

In the case of a converting institution that is a mutual savings and loan association:

(a) After the commissioner approves the plan of conversion, the converting institution shall submit the plan of conversion to its depositors for approval. The converting institution shall obtain this approval at a special meeting.

(b) The plan of conversion shall require the approval of not less than fifty-one per cent of the votes cast by the depositors at the special meeting.

(c) Depositors may vote in person or by proxy. The converting institution shall determine depositors' eligibility to vote by setting a voting record date that is not more than sixty days or less than twenty days before the special meeting.

(d) The converting institution shall notify its depositors of the meeting to consider the conversion by sending them a proxy statement authorized by the commissioner twenty to forty-five days before the meeting. In the case of an account held in a fiduciary capacity, the converting institution shall also notify each beneficial holder of such account if the name and address of the beneficial holder is disclosed on the converting institution's records.

(e) Promptly after the depositors' meeting, the converting institution shall file the following information with the commissioner: (1) A certified copy of each adopted resolution on the conversion; (2) the total votes eligible to be cast; (3) the total votes represented in person or by proxy; (4) the total votes cast in favor of and against each matter; (5) the percentage of votes necessary to approve each matter; and (6) an opinion of counsel that the converting institution conducted the depositors' meeting in compliance with all applicable state or federal laws and regulations.

(Adopted effective September 7, 2007)