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Collection: Original Records > Articles of Incorporation

Great Western Savings and Loan Assoc (AI-G267)(1974) (11 pages)

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(e) The basis for the exchange ratio as stated above is the book value of First City at December 31, 1973, as it relates to the book value per share of Great Western at December 31, 1973, based on 6,103 shares to be outstanding after the merger and payment of cash in lieu of issuing an aggregate of .57 fractional share interests. Great Western agrees to honor and pay any interest rate commitment made and/or declared by First City on its investment certificates. From time to time as and when requested by Great Western, or by its successors or assigns, First City will execute and deliver, or cause to be executed and delivered, all such deeds and other instruments, and will take or cause to be taken such further or other action as Great Western may deem necessary or desirable in order to vest in and confirm to Great Western title to and possession of all their property, rights, privileges, powers and franchises, and otherwise carry out the intent and purposes of this Agreement. The merger shall not become effective and no Certificate of Merger shall be filed with the California Secretary of State until after the satisfaction of the following conditions: (a) Approval as required by law of the guarantee stockholders of Great Western and First City. (b) Approval of the merger contemplated hereby by the Federal Savings and Loan Insurance Corporation and receipt by Great Western of permission from the Federal Savings and Loan Insurance Corporation to increase its accounts of an insurable type as a part of this merger. Page 5 of 7.