(C) The state savings bank must submit a plan of conversion as a part of the application to the board. The board may approve it with or without amendment, if it is reasonably anticipated that:

1. (1) after conversion, the state savings bank is in sound financial condition and is soundly managed;
2. (2) the conversion does not impair the capital of the state savings bank nor adversely affect the state savings bank's operations;
3. (3) the conversion is fair and equitable to the members of the state savings bank and no person whether member, employee, or otherwise, receives any inequitable gain or advantage by reason of the conversion;
4. (4) the state savings bank services provided to the public by the state savings bank are not adversely affected by the conversion;
5. (5) the substance of the plan has been approved by a vote of two-thirds of the board of directors of the state savings bank;
6. (6) all shares of stock issued in connection with the conversion are offered for sale first to the members of the state savings bank;
7. (7) all stock is offered for sale to members of the state savings bank and others in prescribed amounts and otherwise under a formula and procedure that is fair and equitable and is fairly disclosed to all interested persons; and

8. (8) the plan provides a statement as to whether stockholders have preemptive rights to acquire additional or treasury shares of the state savings bank.

   If the board approves the plan, the plan must be submitted to the members as provided in subsection (D). If the board refuses to approve the plan, the board shall state the objections in writing and give the converting state savings bank an opportunity to amend the plan to obviate the objections.