Section 1702 - Authority for conversion of national bank or interstate bank into institutionA national bank or interstate bank may, subject to the provisions of this chapter, convert into an institution upon:
(a) authorization by and compliance with the laws of the United States or of the jurisdiction under which the interstate bank exists,(b) adoption of a plan of conversion by the affirmative vote of at least: (i) a majority of its directors, and(ii) the holders of two-thirds of each class of its shares at a meeting held upon not less than ten days' notice to all shareholders, and(c) approval by the department.1965, Nov. 30, P.L. 847, No. 356, § 1702. Amended 1995, July 6, P.L. 271, No. 39, § 13, imd. effective.