N.Y. Banking Law § 9019: Certain provisions relating to the conversion of non-stock savings banks and savings and loan associations to stock form

§ 9019. Certain provisions relating to the conversion of non-stock

savings banks and savings and loan associations to stock form. No mutual

savings bank and no mutual savings and loan association shall convert to

stock form unless all depositors (in the case of such savings banks) and

all shareholders (in the case of such savings and loan associations) of

any such converting institution whose aggregate deposit or share

balance, as the case may be, (as shown on the books and records of the

converting institution) equals at least one hundred dollars as of a

record date to be established in accordance with general regulations of

the superintendent of financial services are provided with an

opportunity to approve such conversion, either in person or by valid

proxy, at a meeting duly convened in accordance with general regulations

of the superintendent of financial services for the purpose of approving

or disapproving such conversion. At such meeting, each depositor or

shareholder shall be entitled to cast one vote for each full one hundred

dollars of deposits or shares of such depositor or shareholder shown on

the books and records of the converting institution as of such record

date. A depositor or shareholder shall not be entitled to cast any votes

for any deposit or share balances in amounts of less than one hundred

dollars. No such conversion shall be effective unless approved by the

affirmative vote of at least seventy-five per centum of the aggregate

dollar amount of the book value of deposits or shares, as the case may

be, represented (either in person or by proxy) at such duly convened

meeting and entitled to vote thereat.