Conversion from Federal to State Association

PURPOSE: This rule establishes the procedure by which a federally chartered association may convert to a state-chartered association. (1) Any federal association desiring to convert into an association under the laws of this state shall file an application containing the following information and additional information as may be required by the director (A) Certificate of the secretary under the seal of the federal association containing all requirements of section 369.074, RSMo together with two (2) copies of the Articles of Incorporation and of the proposed bylaws; (B) The name the federal association proposes to use as a state association; (C) The date of the last supervisory examination together with a copy of the report of the examination; (D) A copy of its latest financial statements; and (E) The plan of conversion which shall expressly provide for— 1. Appropriate reserves and all other required equity accounts; 2. Satisfaction in full or assumption by the state association of all creditor obligations of the federal association; and 3. Issuance by the state association of its savings accounts to the holders of withdrawable accounts of the federal association in an amount equal to the value of their accounts. (2) Upon issuance of the Articles of Incorporation by the secretary of state, the converting association shall carry out promptly the plan of conversion as set forth in the application, reporting to the director when the plan of conversion has been carried out. AUTHORITY: section 369.299, RSMo 1994.* This rule originally filed as 4 CSR 26012.030. This rule previously filed as 4 CSR 140-24.030. Original rule filed Sept. 28, 1971, effective Oct. 8, 1971. Changed to 4 CSR 140-24.030, effective July 6, 1994. Moved to 20 CSR 1140-24.030, effective Aug. 28, 2006 *Original authority: 369.299, RSMo 1971, amended 1994.