318

When such vote is had by the members of a Federal Savings and Loan Association, the directors of such association shall proceed to take the necessary action to procure a charter for a territorial association and, upon receipt of charter for a territorial association and compliance with the rules and regulations required by its charter and the laws of this territory in perfecting an association under a territorial charter and securing the consent of the Banking Board to convert into a territorial association, the directors of the territorial association shall notify in writing the directors of the federal association that it is organized and authorized to transact business. The directors of such federal association shall record such notice in the records of its proceedings and name the date that the rights and obligations set forth in section 319 of this title will be transferred to the management and control of the territorial association. Upon the acceptance of such rights and obligations by the territorial association it shall file with the directors of the federal association its acceptance of such rights and obligations set forth in section 319 of this title and no further

igations by the territorial association it shall file with the directors of the federal association its acceptance of such rights and obligations set forth in section 319 of this title and no further steps shall be necessary in perfecting such conversion.