§1277.  Merger; vote of approval

The commissioner shall require that the plan of merger be submitted to the stockholders of the savings banks for approval.  The commissioner may require that the plan of merger be submitted to members of a mutual savings bank.  Each meeting of the members or stockholders of the savings bank operating under this Chapter shall be called and held in accordance with the provisions of this Chapter dealing with annual and special meetings.  The plan is approved if it receives the affirmative vote of two-thirds or more of the total votes entitled to be cast.

Acts 1990, No. 816, §1, eff. Sept. 1, 1990.