Page:United States Statutes at Large Volume 103 Part 1.djvu/323

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 295 (1) IN GENERAL. —Any savings association which is, or is eli- gible to become, a member of a Federal home loan bank may convert into a Federal savings association (and in so doing may change directly from the mutual form to the stock form, or from the stock form to the mutual form). Such conversion shall be Regulations. subject to such regulations as the Director shall prescribe. Thereafter such Federal savings association shall be entitled to all the benefits of this section and shall be subject to examina- tion and regulation to the same extent as other associations incorporated pursuant to this Act. "(2) AUTHORITY OF DIRECTOR.— (A) No savings association may ' ^ convert from the mutual to the stock form, or from the stock form to the mutual form, except in accordance with the regula- tions of the Director. "(B) Any aggrieved person may obtain review of a final action of the Director which approves or disapproves a plan of conver- sion pursuant to this subsection only by complying with the provisions of section 100") of this Act within the time limit and in the manner therein prescribed, which provisions shall apply in all respects as if such final action were an order the review of which is therein provided for, except that such time limit shall commence upon publication of notice of such final action in the Federal Register or upon the giving of such general notice of such final action as is required by or approved under regula- tions of the Director, whichever is later. "(C) Any Federal savings association may change its designa- tion from a Federal savings association to a Federal savings bank, or the reverse. "(3) CONVERSION TO STATE ASSOCIATION.— (A) Any Federal sav- ings association may convert itself into a savings association or \ savings bank organized pursuant to the laws of the State in which the principal office of such Federal savings association is located if— "(i) the State permits the conversion of any savings association or savings bank of such State into a Federal savings association; "(ii) such conversion of a Federal savings association into such a State savings association is determined— "(I) upon the vote in favor of such conversion cast in person or by proxy at a special meeting of members or stockholders called to consider such action, specified by the law of the State in which the home office of the, Federal savings association is located, as required by such law for a State-chartered institution to convert itself into a Federal savings association, but in no event upon a vote of less than 51 percent of all the votes cast at such meeting, and "(II) upon compliance with other requirements recip- rocally equivalent to the requirements of such State law for the conversion of a State-chartered institution into a Federal savings association; "(iii) notice of the meeting to vote on conversion shall be given as herein provided and no other notice thereof shall be necessary; the notice shall expressly state that such meeting is called to vote thereon, as well as the time and place thereof; and such notice shall be mailed, postage prepaid, at least 30 and not more than 60 days prior to the

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