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Can you summarize 3 NYCRR Part 111?
General Regulations of the Superintendent > Mutual Holding Companies
Short Summary
The provided legal document content pertains to the reorganization of a mutual savings bank into a mutual holding company form and the subsequent conversion into a stock holding company. It outlines the requirements and procedures for such conversions, including the approval of the superintendent and the establishment of a liquidation account. The document also addresses the issuance of shares of stock in connection with the reorganization, allowing for the reservation of shares for stock option plans and restricted stock plans. It specifies that trustees of a mutual savings bank can exercise subscription rights and make subsequent purchases of shares of stock of a subsidiary savings bank. The document emphasizes the importance of eligible account holders’ subscription rights and sets limitations on the acquisition of shares. It further states that subsequent offerings must be made pursuant to an offering circular approved by the superintendent, and the procedures for conducting such offerings may differ with the superintendent’s approval. The document also provides definitions and clarifications regarding mutual holding companies, savings banks, and stock savings banks. It mentions that variations from the prescribed rules can be requested to effectuate the transaction. However, no specific exemptions or penalties are mentioned in the provided legal document content.
Whom does it apply to?
Mutual holding companies, savings banks, stock savings banks, eligible account holders, board members, trustees, disinterested stockholders
What does it govern?
Reorganization of a mutual savings bank into a mutual holding company form, conversion of a mutual holding company into a stock holding company, subsequent offerings, issuance of shares of stock, subscription rights
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New York