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Can you summarize NYCL BNK Article 10-C?
Banking > Mutual Holding Companies
Short Summary
The first document governs the approval process for the reorganization of a mutual savings and loan association into a mutual holding company. It outlines the steps and approvals required for the reorganization, including approval by the board of directors, evaluation by the superintendent of financial services, and shareholder approval. The second document governs the formation of a mutual holding company by mutual savings and loan associations. It specifies the methods of formation, regulations regarding issuance of common stock and securities, and requirements for retaining or acquiring assets. It also addresses the composition of the board of directors. The third document governs the powers and limitations of mutual holding companies. It outlines the rights, powers, and privileges of mutual holding companies, subject to certain limitations. It also specifies the powers of mutual holding companies, including mergers and acquisitions. However, it excludes insurance activities and dealing with securities issued by insurance companies. The fourth document pertains to the conversion of a mutual holding company into a stock holding company. It outlines the process of conversion, including approval by the superintendent of financial services and shareholder approval. The document specifies the eligibility criteria for shareholders and does not mention any specific exemptions or penalties.
Whom does it apply to?
Mutual savings and loan associations, stock savings and loan association subsidiaries, mutual holding companies
What does it govern?
Approval process for the reorganization of a mutual savings and loan association into a mutual holding company, formation of a mutual holding company by mutual savings and loan associations, powers and limitations of mutual holding companies formed by mutual savings and loan associations, conversion of a mutual holding company into a stock holding company
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York