§ 260-b. Conversion of a savings bank into a savings and loan\nassociation. 1. Any savings bank may convert itself into a savings and\nloan association upon receiving the approval of the superintendent as\nhereinafter provided. A meeting of the board of trustees shall be held\nupon not less than thirty days' written notice to each trustee, either\nserved personally or mailed to him at his last known address and\ncontaining a statement of the time, place and purpose of such meeting.\nProof by affidavit of due service of such notice shall be filed in the\noffice of the savings bank before or at the time of such meeting.\n 2. At such meeting the trustees may, by vote of not less than\ntwo-thirds of all the members of such board of trustees, authorize the\nconversion of such savings bank into a savings and loan association\nsubject to the approval of the superintendent as hereinafter provided. A\ncopy of the minutes of such meeting, verified by the presiding officer\nand by the secretary of the meeting, shall be filed in the office of the\nsuperintendent within thirty days after the date of such meeting\ntogether with a copy of the affidavit of due service of the notice of\nthe meeting, a statement setting forth the reasons why the trustees\nbelieve the conversion would be in the best interests of the savings\nbank, its depositors and the public, and such other information as the\nsuperintendent may require. If the superintendent determines that the\nproposed conversion would be in the best interests of the savings bank,\nits depositors and the public, he shall so advise the board of trustees\nof the savings bank and deliver to them his written approval of the\nproposed conversion.\n 3. Upon receiving the superintendent's written approval of the\nproposed conversion, there shall be filed with the superintendent, the\norganization certificate required by section three hundred seventy-five\nof this chapter, executed by a majority of the directors, and proposed\nby-laws as required by section three hundred seventy-six of this\nchapter.\n 4. When the superintendent shall have approved the organization\ncertificate and the proposed by-laws and shall have issued the\nauthorization certificate, provided in article two of this chapter, the\nsavings bank shall cease to be a savings bank and shall thereupon be\nconverted into a savings and loan association, but such savings bank\nshall be deemed to be continued for the purpose of prosecuting or\ndefending suits and of enabling it to wind up its affairs as a savings\nbank and to dispose of and convey its property.\n At the time when such conversion becomes effective all the property of\nthe savings bank shall immediately by act of law and without any\nconveyance or transfer become the property of the savings and loan\nassociation and the savings and loan association shall succeed to all\nthe offices, rights, obligations and relations of the savings bank.\n
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