Subject to the approval of the Commissioner, a savings bank may convert from a nonstock to a stock form of organization in accordance with such regulations, orders or procedures as may be established or issued by the Commissioner. Such orders and procedures shall be similar in scope and content to, and comply in all material respects with, the mutual-to-stock conversion regulations of the federal insurer of deposits, as currently in effect at the time the nonstock savings bank applies to the Commissioner for approval of the proposed conversion; provided, that conformity with the regulatory requirements imposed by the federal insurer of deposit accounts will not be sufficient for state regulatory purposes if the Commissioner determines that the proposed conversion would pose a risk to the savings bank's safety and soundness, violate any law or regulation, or present a breach of fiduciary duty.
Structure Delaware Code
Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS
Subchapter IV. Powers and Prohibitions
§ 1661. General powers of corporations organized under this chapter.
§ 1662. Limitations on powers and activities of savings banks.
§ 1663. Loans on security of and purchase of its own capital stock.
§ 1664. Conversion of a nonstock savings bank to a stock savings bank.