Every executor, administrator, trustee, guardian, receiver, fiduciary, public corporation, political subdivision, public instrumentality, charitable, educational and eleemosynary institution, bank, savings bank, trust company, financial institution, insurance company, or cemetery association, without the necessity of obtaining court approval, may:
1. Vote in person or by proxy in favor of converting a federal savings bank, national bank or state bank into a savings bank, or may approve the determination so to convert.
2. Exchange any shares, share accounts or other rights or claims for securities issued by the savings bank, and may continue to hold as a legal investment any securities so received.