After the conversion of a federal savings and loan association into a state chartered savings association under section 4 of this chapter, the organization of the savings association shall be completed in the manner provided by IC 28-12 , except that bylaws for the savings association:

1. (1) may be adopted by the members of the federal association when the members adopt the resolution authorizing the conversion; and
2. (2) may become effective upon the issuance of the certificate of incorporation under section 4(f) of this chapter.

As added by P.L.193-1997, SEC.2.