45-11-107 - Effective date of conversion Certificate of conversion.
45-11-107. Effective date of conversion Certificate of conversion.
(a) The conversion shall, unless a later date is specified in the plan of conversion, become effective upon the filing with the commissioner of the executed plan of conversion, together with a copy of the resolution of the stockholders or members of the converting financial institution approving it, certified by the financial institution's president or a vice president and a cashier.
(b) The commissioner shall thereupon approve the proposed charter of the resulting financial institution for filing with the secretary of state and issue to the resulting financial institution a certificate of conversion.
(c) (1) The certificate of conversion shall be issued after the following conditions have been met:
(A) Provisions of the plan of conversion for successors to fiduciary positions held by the converting institution have been implemented; and
(B) A commitment for federal deposit insurance effective as of the proposed effective date of conversion has been received.
(2) The certificate shall be conclusive evidence of the conversion and correctness of all proceedings therefor in all courts and places, and shall be recorded in the same manner as is provided for recording of a charter of the institution.
[Acts 1985, ch. 174, § 2; 2008, ch. 968, § 6.]