§ 409. Conversion of a state savings and loan association into a
federal savings and loan association. Any savings and loan association
may convert itself into a federal savings and loan association. A
meeting of the shareholders shall be held upon not less than ten days'
written notice to each shareholder, either served personally or mailed
to him at his last known address and containing a statement of the time,
place and purpose of such meeting. Proof by affidavit of due service of
such notice shall be filed in the office of the association before or at
the time of such meeting.

At such meeting the shareholders may, by vote in person or by proxy of
the holders of (a) at least sixty-six and two-thirds per centum in
amount of the book value of all outstanding shares, or (b) at least
seventy-five per centum in amount of the book value of the outstanding
shares represented at the meeting, authorize the conversion of such
savings and loan association into a federal savings and loan
association. A copy of the minutes of such meeting, verified by the
presiding officer and by the secretary of the meeting, shall be filed in
the office of the superintendent within two days thereafter.

Within three months after the date of such meeting, the association
shall take such action, in the manner prescribed or authorized by the
laws of the United States as shall make it a federal savings and loan
association and shall thereupon file in the office of the superintendent
a copy of the charter or authorization issued to it. Upon such filing
the association shall cease to be a corporation under the laws of this
state, except that its corporate existence shall continue for the
purpose of prosecuting or defending suits and of enabling it to wind up
its affairs as a state savings and loan association and to dispose of
and convey its property. At the time when such conversion becomes
effective, all of the property of the state savings and loan association
shall immediately by act of law and without any conveyance or transfer
become the property of the federal savings and loan association and the
federal savings and loan association shall thereupon succeed to all the
rights, obligations and relations of the state savings and loan
association.