Section 214.665. Emergency merger.

Latest version.

(1) With the prior approval of the division, which shall state that the proposed merger is necessary for the protection of depositors and other creditors, a savings bank that is in default or in danger of default may, by a majority vote of its board of directors and without a stockholder vote, merge with another savings bank, a state or federal savings and loan association, a state bank or a federal bank. The other entity shall be the resulting or continuing savings bank, savings and loan association or bank.

(2) The division shall by rule establish standards for determining if a savings bank is in default or in danger of default.

1991 a. 221 ; 1995 a. 27 , 103 .

                    
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