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Title 3 . Commerce, Community, and Economic Development
Chapter 6 . Land Sales
Section 315. Adoption of association's conversion plan

3 AAC 06.315. Adoption of association's conversion plan

(a) The board of directors of the converting association, after approving the conversion plan and receiving the department's approval of its application to convert, shall by resolution direct that the plan be submitted to a vote at a meeting of the members. The meeting may be either an annual or a special meeting. Written or printed notice must be given to each member of record entitled to vote, not less than 30 days before the meeting, and must state the purpose of the meeting. A copy or a summary of the conversion plan must be included with the notice to members.

(b) Notice of a membership meeting called under this section must be transmitted personally or by mail, by or at the direction of the president, the secretary, or any persons authorized under the articles of incorporation or bylaws of the association to call the meeting. If mailed, the notice is considered delivered when deposited in the United States mail, and addressed to the member at the address appearing in the records of the converting association with postage prepaid.

(c) At the members' meeting, a vote must be taken on the proposed conversion plan. Members may vote in person or by proxy. The plan is approved if it receives the affirmative vote of a simple majority of the members of the converting association.

(d) After member approval of the plan of conversion but before filing the amended articles of incorporation, the conversion may be abandoned under provisions, if any, set forth in the plan.

History: Eff. 8/22/79, Register 71

Authority: AS 06.15.010

AS 06.15.300

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Last modified 7/05/2006