(a) Where two-thirds ( ²/₃ ) or more of the stock or shares of a constituent association is held by less than twenty-five (25) stockholders or shareholders, approval of a merger may be by written consent such stockholders or shareholders and not by vote at a meeting duly noticed. In such event, the provisions of Section 205 need not be complied with. In the event the association solicits the written consent of such stockholders or shareholders, copies of the solicitation, if in writing, and all letters, written communications, material and documents in connection therewith given or sent to such stockholders or shareholders shall be filed fifteen (15) days prior to the date that such copies are first sent or given to stockholders or shareholders or such shorter period prior to that date as the Commissioner may authorize upon good cause.

(b) Where two-thirds ( ²/₃ ) or more of the stock or shares of a constituent association are held by twenty-five (25) or more stockholders or shareholders the provisions of Section 205 shall be applicable.