General provisions for conversions

(a) A proposed conversion of a national bank whose main office is located in the state or a state bank whose main office is located in the state to a trust company must be accomplished under a conversion plan filed with and approved by the department. (b) The board of directors of the converting national bank or state bank shall, by resolution adopted by the board, approve a conversion plan that sets out (1) the name of the bank proposing to convert; (2) the name of the trust company into which the bank proposes to convert; (3) the terms and conditions of the proposed conversion; (4) the manner and basis of converting the shares of the national bank or state bank into shares, other securities, cash, other property, or obligations, in whole or in part, of the proposed trust company; (5) a statement of any amendments to the institution's articles of incorporation caused by the conversion; and (6) any additional information requested by the department, and that the department considers necessary to make an informed decision on the proposed conversion.