Sec. 9. (a) The department shall prescribe procedures for charter conversions under this chapter.

     (b) The procedures prescribed by the department must include the following:

(1) The savings bank must prepare and submit a conversion plan to the department that provides the terms and conditions of the charter conversion as required by the department. The conversion plan shall stipulate the manner of distribution of stock.

(2) The conversion plan must be adopted by not less than a majority of the board of directors of the savings bank.

(3) Upon approval of a plan of charter conversion by the board of directors of the savings bank, the conversion plan and a certified copy of the resolution of the board of directors approving the conversion plan shall be submitted to the department for approval.

(4) The conversion plan shall be conditioned upon the approval of not less than a majority of the total number of votes eligible to be cast at a regular or special meeting of the voting parties. In obtaining the approval of the conversion plan by the voting parties, the converting savings bank shall provide to the voting parties the information regarding the conversion plan that the department requires. In determining the information that must be provided, the department shall give due consideration to the requirements of the primary federal regulator‘s regulations relating to proxy statements governed by Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. § 78n).

(5) The savings bank shall provide to the department the additional relevant information requested by the department in connection with the conversion plan.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.42; P.L.27-2012, SEC.70.