1. After the meeting, the converting institution shall take such action in the manner prescribed and authorized by the laws of this state as shall make it a savings bank of this state, and the directors elected at the meeting shall file such documents and follow such procedures as are required by the laws of this state in the case of the original incorporation of a savings bank. 2. A savings bank incorporated by conversion from a federal savings bank, national bank or state bank shall not be required to comply with any of the provisions of law or any regulation adopted by the Commissioner relating to the minimum amounts of capital required to be subscribed in connection with the original incorporation of a savings bank under the laws of this state.
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