A.  Pursuant to a plan adopted and approved by a two-thirds vote of each board of directors, two or more associations may merge or consolidate.  A plan of merger or consolidation shall be evidenced by a written agreement.  The agreement shall state that it is effective only when approved by the commissioner and the Federal Home Loan Bank Board and shall specify the following:

(1)  Which association will be the resulting association.

(2)  The name it will use.

(3)  The location of its home office and branch offices.

(4)  The basis on which its savings accounts will be issued.

(5)  The number of directors and their names, addresses, and the length of their terms.

B.  The commissioner may require that such plan of merger or consolidation be submitted to the voting members or stockholders at a duly called meeting and that the plan, to be effective, be approved by them.

C.  The commissioner may enact and promulgate rules and regulations, pursuant to the Administrative Procedure Act, governing the merger or consolidation of service organizations, as defined in La. Rev. Stat. 6:703, into other service organizations or into financial institutions, including retroactive approval of such actions of particular financial institutions or of financial institutions in general, provided such activities are not specifically prohibited by this Title.

Acts 1983, No. 675, §1; Acts 1991, No. 789, §1.