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Can you summarize NYCL BNK Article 6-C?
Banking > Mutual Holding Companies
Short Summary
The provided legal document content covers various aspects related to mutual holding companies and their formation, reorganization, and conversion. The first document governs the reorganization of a mutual savings bank into a mutual holding company. It outlines the approval process, requiring majority approval from the board of trustees and subsequent approval from the superintendent of financial services. The plan of reorganization must also be approved by at least seventy-five percent of the aggregate dollar amount of deposits represented at a meeting of the depositors. The second document focuses on the formation of a mutual holding company in the context of mutual savings banks and stock savings banks. It outlines three methods of formation and specifies regulations regarding the issuance of common stock, retention or acquisition of assets, and the representation of minority shareholders. The third document pertains to the formation and powers of a mutual holding company established by a mutual savings bank. It outlines the rights, powers, and privileges of the mutual holding company, subject to certain limitations and regulations. The document also specifies the activities that a mutual holding company may engage in, such as mergers and acquisitions, subject to the regulations of the superintendent and relevant federal laws. The fourth document addresses the conversion of a mutual holding company into a stock holding company. It outlines the approval process, requiring approval from the superintendent and the depositors of the stock savings bank subsidiary. The document also specifies the ownership restrictions on the common stock of the subsidiary. These legal documents primarily apply to mutual savings banks, stock savings banks, mutual holding companies, and depositors involved in the reorganization, formation, and conversion processes. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Mutual savings banks, stock savings banks, mutual holding companies, depositors
What does it govern?
Reorganization of a mutual savings bank into a mutual holding company, formation of a mutual holding company in the context of mutual savings banks and stock savings banks, formation and powers of a mutual holding company established by a mutual savings bank, 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