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Can you summarize 209 CMR 33?
Division of Banks and Loan Agencies > Conversion by co-operative banks and savings banks from mutual to stock form
Short Summary
The provided legal document content pertains to the conversion of co-operative banks and savings banks from mutual to stock form in Massachusetts. The document outlines the procedural requirements and definitions for various terms used in the regulations governing the conversion process. It specifies that no co-operative bank or savings bank can convert to a capital stock form of organization without written approval from the commissioner, except as otherwise provided in supervisory cases. The document details the information that must be included in the conversion application, such as the plan of conversion, materials for corporators or shareholders, and the proposed amended and restated articles of organization and/or charter. It also covers the requirements for shareholder or corporator approval, filing of necessary documents, and the subsequent sale of stock. The document further addresses the optional provisions that can be included in a plan of conversion, such as stock purchase limits, subscription rights, and direct community offerings. It also outlines the pricing and sale of securities, as well as the authority of the commissioner to enforce remedial measures and issue civil penalties for violations. Overall, the document provides a comprehensive framework for the conversion process and ensures compliance with the regulations governing co-operative banks and savings banks in Massachusetts.
Whom does it apply to?
Co-operative banks, savings banks, commissioners
What does it govern?
Conversion of co-operative banks and savings banks from mutual to stock form
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Civil penalties of not more than $500 for each day that a violation occurs
Jurisdiction
Massachusetts