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Can you summarize 209 CMR 33.23?
Conversion by co-operative banks and savings banks from mutual to stock form > Mutual Holding Company Reorganizations
Short Summary
This legal document governs the reorganization of mutual banking institutions into mutual holding companies or their participation as acquiree subsidiary banking institutions in mutual holding company reorganizations. The conditions for such reorganizations include the approval of a Reorganization Plan by the board of trustees or directors of the reorganizing mutual banking institution and any acquiree subsidiary banking institution, as well as the filing of the Reorganization Plan and Application with the Commissioner for written approval. The Reorganization Plan must also be submitted to the corporators or members of the reorganizing subsidiary banking institution and any acquiree subsidiary banking institution, subject to specific approval requirements based on the type of institution. Additionally, the reorganizing mutual institution must file an application containing detailed minutes of the authorizing and approving meetings, along with other required information and materials. All necessary regulatory approvals and conditions specified by the Commissioner must be obtained and satisfied. No specific penalties are mentioned in this document.
Whom does it apply to?
Mutual banking institutions
What does it govern?
Mutual Holding Company Reorganizations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Massachusetts