BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
DEPOSITORY BANK ACT
Mutual Banks and Mutual Holding Companies
383-B:6-611 Procedure for Adopting a Plan of Reorganization.
The plan of reorganization shall be approved by the board of directors of the mutual bank by resolution adopted by a vote of 2/3 of the full board. The plan of reorganization shall then be submitted for adoption at a special meeting of the corporators of the mutual savings bank or association members of a savings association called in the manner provided by its organizational documents. Copies or summaries of the plan of reorganization shall be enclosed with the notice of the special meeting. The plan of reorganization shall be adopted by a vote of 2/3 of the corporators or association members, as applicable. Except as otherwise provided in the organizational documents of the mutual savings bank or savings association, each depositor or association member shall be entitled to cast one vote and may vote in person or by proxy.
Source. 2015, 272:16, eff. Oct. 1, 2015.