Sec. 5. Whenever a mutual savings bank or mutual holding company is required by this chapter to obtain membership approval for a transaction, the savings bank or mutual holding company may use any existing proxy conferring general authority to vote on any and all matters at any meeting of members if the member granting the proxy:

(1) has been furnished a proxy statement regarding the proposed transaction; and

(2) does not revoke the proxy before the vote at the meeting at which the transaction will be considered.

As added by P.L.122-1994, SEC.101.