Before reorganizing into a mutual holding company, a reorganizing savings bank shall do the following:

1. (1) Obtain approval of a reorganization plan by a majority of the board of directors of the reorganizing savings bank.
2. (2) File the reorganization plan with the department.
3. (3) Obtain approval of a reorganization plan by an affirmative vote of a majority of the voting members of the reorganizing savings bank and any acquiree savings bank, at a regular or special meeting of the members.

As added by P.L.122-1994, SEC.101.