HARRY HUGHES, Governor                                       1381

COMMISSIONER MAY REQUIRE ANY CHANGE IN THE ARTICLES OF
INCORPORATION THAT THE BANK COMMISSIONER CONSIDERS NECESSARY.

(D) AS TO THE PROPOSED ARTICLES OF INCORPORATION OF THE
SUBSIDIARY SAVINGS BANK:

(1) WITHIN 3 MONTHS AFTER THE APPLICATION IS FILED
FOR EXAMINATION, THE BANK COMMISSIONER, AFTER RECEIVING THE
ADVICE OF THE BANKING BOARD, SHALL SIGN, DATE, AND ENDORSE EACH
COPY OF THE ARTICLES OF INCORPORATION AS "APPROVED" OR "REFUSED".

(2) IF FORMATION OF THE SUBSIDIARY SAVINGS BANK IS
REFUSED, THE BANK COMMISSIONER SHALL RETURN ONE OF THE ENDORSED
COPIES OF THE ARTICLES OF INCORPORATION TO THE INCORPORATORS.

(3) IF FORMATION OF THE SUBSIDIARY SAVINGS BANK IS
APPROVED, THE BANK COMMISSIONER SHALL:

(I) RETURN ONE OF THE ENDORSED COPIES OF THE
ARTICLES OF INCORPORATION TO THE INCORPORATORS; AND

(II) KEEP AND RECORD ONE OF THE ENDORSED
COPIES.

(E) WITHIN 3 MONTHS AFTER THE APPLICATION FOR APPROVAL OF
REORGANIZATION IS FILED FOR EXAMINATION, THE BANK COMMISSIONER
SHALL APPROVE OR REJECT THE APPLICATION. THE BANK COMMISSIONER
MAY NOT APPROVE THE APPLICATION UNLESS THE BANK COMMISSIONER
DETERMINES:

(1) THAT THE PLAN OF REORGANIZATION IS:

(I) REASONABLY REQUIRED TO PROTECT THE WELFARE
OF THE GENERAL ECONOMY OF THIS STATE;

(II) NOT DETRIMENTAL TO THE PUBLIC INTEREST OR
THE SAVINGS BANK; AND

(III) IN COMPLIANCE WITH THE REGULATIONS AND
CONDITIONS THAT THE BANK COMMISSIONER ADOPTS;

(2) THAT THE REORGANIZATION IS PURSUANT TO AN
ACQUISITION BY THE MUTUAL HOLDING COMPANY OF ALL THE STOCK OF A
SAVINGS AND LOAN ASSOCIATION AND THAT:

(I) EXIGENT CIRCUMSTANCES EXIST THAT MAKE THE
ACQUISITION NECESSARY TO MAINTAIN THE VIABILITY OR PREVENT THE
PROBABLE FAILURE OF THE SAVINGS AND LOAN ASSOCIATION ACQUIRED;
AND

(II) THE MUTUAL HOLDING COMPANY AGREES TO
OBTAIN FEDERAL INSURANCE FOR THE DEPOSITS OF THE ACQUIRED SAVINGS
AND LOAN WITHIN THE TIME LIMITATION IMPOSED BY THE BANK
COMMISSIONER;