La. Admin. Code tit. 10 § VII-329

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

Section VII-329 - Vote by Members

A. Procedure. Following approval by the commissioner, the plan of conversion shall be submitted to a meeting of members under provisions of the savings bank's articles of incorporation or bylaws or both.

B. Determining Members Eligible to Vote. The record date for determining those members eligible to vote at the meeting called to consider a plan of conversion shall not be more than 40 days nor less than 10 days prior to the date of such meeting, pursuant to R.S. 6:1186.

C. Notice to Members. Notice of the meeting to consider the plan of conversion shall be given to the savings bank members by means of the proxy statement authorized for use by the commissioner. Such notice shall be mailed to the members within 10 business days of such authorization, unless extended by the commissioner pursuant to §327. B In addition, such notice shall be given to each savings bank member at least 20 days prior to the date of the meeting. Such notice shall also be sent to each beneficial holder of an account held in a fiduciary capacity, where such holder possesses voting rights.

D. Notice to Nonvoting Members. The applicant may give notice of the proposed conversion and the meeting of members by letter or other written communication authorized for use by the commissioner to eligible account holders and supplemental eligible account holders who are not voting members.

E. Required Vote. The plan shall be approved by a vote of at least a majority of the total votes entitled to be cast by eligible members, except that a plan of merger shall receive the affirmative vote of two-thirds or more of the total votes entitled to be cast by eligible members, pursuant to R.S. 6:1277. Voting may be in person or by proxy, as authorized by this rule.

La. Admin. Code tit. 10, § VII-329

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1069 (October 1995).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.