Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VII : Conversion of Mutual Banks65. Special general meeting to authorize conversion |
| (1) | As soon as the Registrar has granted approval for the conversion of a mutual bank into a bank, the mutual bank may convene a special general meeting of members in accordance with this Act and its articles for the purpose of adopting the special resolution referred to in section 62. |
| (2) | The documents laid before any such meeting shall consist of— |
| (a) | the documents mentioned in section 63(2) or, if the Registrar has refused to grant approval for the conversion unless any of such documents are adjusted in accordance with his requirements, the said documents as so adjusted; and |
| (b) | any additional documents that the board of directors of the mutual bank may find necessary. |
| (3) | If such meeting adopts the proposed special resolution submitted to it by virtue of subsection (2) (a), the Registrar shall, at the request of the mutual bank, issue a certificate to it to the effect that he has granted approval for the proposed conversion. |