Oklahoma § 18-381.59 - Conversion into federal association

§ 18-381.59. Conversion into federal association

At an annual meeting or at any special meeting of the members or

stockholders called to consider such action, any association may

convert itself into a federal association pursuant to the laws of

the United States, as now or hereafter amended, upon a majority vote

of the outstanding stock entitled to vote thereon or upon a majority

vote of the total number of votes of the members present in person

or by proxy. There shall be filed with the State Banking

Commissioner a copy of the charter issued to such federal

association by the Director of the Office of Thrift Supervision or a

certificate showing the organization of such association as a

federal association, certified by the Director of the Office of

Thrift Supervision. Upon the grant to any association of a charter

by the Director of the Office of Thrift Supervision, the association

receiving such charter shall cease to be an association incorporated

by this state. Upon conversion of any association into a federal

Oklahoma Statutes - Title 18. Corporations

association, such federal association shall be deemed to be a

continuation of the entity of the association so converted and all

property of the converted association, including its rights, titles,

and interests in and to all property of whatever kind, whether real,

personal, or mixed, and things in action, and every right,

privilege, interest, and asset of any conceivable value or benefit

then existing or pertaining to it, or which would inure to it, shall

immediately by operation of law and without any conveyance or

transfer and without any further act or deed remain and be vested in

and continue and be the property of such federal association into

which the state association has converted itself, and such federal

association shall have, hold and enjoy the same in its own right as

fully and to the same extent as the same was possessed, held, and

enjoyed by the converting association, and such federal association

as of the time of the taking effect of such conversion shall

continue to have and succeed to all the rights, obligations and

relations of the converting association. All pending actions and

other judicial proceedings to which the converting state association

is a party shall not be deemed to have abated or to have

discontinued by reason of such conversion, but may be prosecuted to

final judgment, order, or decree in the same manner as if such

conversion into such federal association had not been made and such

federal association resulting from such conversion may continue such

action in its corporate name as a federal association, and any

judgment, order or decree may be rendered for or against it which

might have been rendered for or against the converting state

association theretofore involved in such judicial proceedings.

Added by Laws 1970, c. 101, § 59, eff. June 1, 1970. Amended by

Laws 1987, c. 61, § 13, emerg. eff. May 4, 1987; Laws 1990, c. 118,

§ 20, emerg. eff. April 23, 1990; Laws 2000, c. 81, § 62, eff. Nov.

1, 2000.