(a) The instructions set forth in this Part shall apply to the conversion of a mutual-form or stock-form Federal savings bank and stock-form Federal savings and loan association, having its principal place of business in this State, into a State-chartered savings institution pursuant to Banking Law, section 412.

(b) Six copies of a letter of application and each document referred to in section 87.2 of this Part, including two executed copies of the documents referred to in section 87.2(a)-(c), shall be filed with the superintendent at the department at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title. The letter of application shall set forth the name and address of the officer to whom all communications from the department should be addressed, and the date or proposed date of filing of any required applications or other documents with any Federal agency, and shall be accompanied by payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. Inquiries concerning the preparation of the application should be addressed to the superintendent.

(c) Before submission of the application, the plan of conversion shall be approved by a majority of the board of directors or trustees. After such approval, in the case of a stock-form Federal savings and loan association, the plan shall then be approved at a meeting held upon not less than 10 days' written notice to each stockholder of such Federal savings and loan association, by the vote, in person or by proxy, of the holders of at least 66 2/3 percent of each class of capital stock of such institution. Notice of such meeting, together with any proxy material, shall be served personally upon or mailed to each stockholder at his or her last known address, and shall contain a statement of the time, place and purpose of the meeting.

(d) Within 60 days after the date the application is filed, the applicant shall take the action prescribed or authorized by Federal law to effect such conversion.

(e) Approval by the superintendent will be conditional in all cases upon the continued insurance of the applicant's deposit accounts to the extent permitted by Federal law.

(f) Following submission of the application, the superintendent may require a full examination of the applicant by State bank examiners before action is taken upon the application.