(a) A federal association may file with the Savings and Loan Association Board [abolished] a joint petition for authority to convert from a federal association to a state-chartered association and contemporaneously to convert from a mutual association to a stock association.
(b) Pursuant to the provisions of § 23-37-703, the board may hold a hearing on the petition and issue its certificate of preliminary approval to a contemporaneous conversion from a federal association to a state-chartered stock association.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 37 - Savings And Loan Associations
Subchapter 7 - Conversion, Merger, Etc.
§ 23-37-701. Conversion of state association into federal association
§ 23-37-702. Conversion of federal association into state association
§ 23-37-703. Conversion of mutual association into stock association
§ 23-37-704. Contemporaneous conversion from federal mutual to state stock association
§ 23-37-705. Reorganization, merger, consolidation, or sale of assets
§ 23-37-706. Federal Savings and Loan Insurance Corporation [abolished] as receiver