Adoption of Plan of Conversion – Notice to and Inspection by Account Holders – Statement and Letter – Press Release Authorized

Section 1075 Section 1075.2005  Adoption of Plan of Conversion – Notice to and Inspection by Account Holders – Statement and Letter – Press Release Authorized a)         Promptly after the adoption of a plan of conversion by not less than two-thirds of its board of directors, the savings bank shall: 1)         Notify, its account holders of the action by publishing a statement in a newspaper having general circulation in each community in which an office of the savings bank is located or by mailing a letter to each of its account holders; and 2)         Have copies of the adopted plan of conversion available for inspection by its account holders at each office of the savings bank. b)         The savings bank may also issue a press release with respect to the action.  Copies of the proposed statement, letter, and press release are not required to be filed with the Director but may be submitted to the Director for comment.  Copies of the definitive statement, letter, and press release shall be filed with the Director as part of the application for conversion.