Contemporaneous conversion from federal mutual to state stock association

(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association. (b) Pursuant to the provisions of § 23-37-703 , the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association. Acts 1963, No. 227, § 52; 1973, No. 292, § 5; A.S.A. 1947, § 67-1852. (a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association. (b) Pursuant to the provisions of § 23-37-703 , the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association. Acts 1963, No. 227, § 52; 1973, No. 292, § 5; A.S.A. 1947, § 67-1852.