PURPOSE: This rule prescribes the manner in which the mutual holding company must obtain the approval of its members to convert.

The plan of conversion must be approved by a vote of not less than three-fourths (3/4) of the votes of the members of the mutual holding company voting thereon in person or by proxy at a meeting of members called for that purpose. In order for such vote to be considered valid, five percent (5%) of the members of the mutual holding company must participate in the vote either in person or by proxy. All members entitled to vote must be given notice of their opportunity to vote on the plan of conversion, which notice shall be accompanied by a copy of the plan or a summary thereof in a form approved by the director and such other explanatory information as the director shall approve or require. Such notice shall be mailed or provided by such other method or methods as may be approved by the director not less than thirty (30) days before the date of the meeting of members to vote on the plan. Such notice may be combined in the same mailing with the notice of the hearing described in rule 20 CSR 200- 16.040, provided that the latter notice shall be set forth on a separate document approved as to form and content by the director.

AUTHORITY: section 374.045, RSMo Supp. 1998.* Original rule filed March 1, 1999, effective Aug. 30, 1999. *Original authority 374.045, RSMo 1967, amended 1993, 1995.