La. Admin. Code tit. 10 § V-513

Current through Register Vol. 50, No. 11, November 20, 2024

Section V-513 - Vote by Applicant's Members on Plan of Conversion

A. No plan of conversion shall be implemented unless it is approved at a meeting of the voting members of an applicant called to consider such action by a majority vote of the total number of votes eligible to be cast, in person or by proxy. Notice of the meeting, giving the time, place and purpose thereof, together with a proxy statement and proxy form approved by the commissioner covering all matters to be brought before the meeting, shall be mailed to the commissioner and each voting member of the applicant at such member's last address as shown on the books of the applicant at least 30 days before the date on which the meeting is to be held.

B. The applicant shall file with the commissioner promptly after the meeting of the applicant's voting members called to consider the plan of conversion a certified copy of each resolution adopted at such meeting relating to the plan of conversion, together with the following information:

1. the total number of votes eligible to be cast;

2. the total number of votes represented in person or by proxy at the meeting;

3. the total number of votes cast in favor of and against each such matter; and

4. the percentage of votes present in person or by proxy cast in favor of each such matter.

C. The applicant shall also file with the commissioner an opinion of counsel that the meeting was held in compliance with all applicable state and federal laws.

D. The certified copy of each resolution adopted at the meeting (being part of the minutes of such meeting), when filed, shall be presumptive evidence of the holding of the meeting and of the action taken.

La. Admin. Code tit. 10, § V-513

Promulgated by the Department of Commerce, Office of Financial Institutions, LR 6:714 (December 1980).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:938 and R.S. 6:948.