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Can you summarize RICR Title 230, Chapter 40, Subchapter 15?
Banking > Mutual Holding Companies
Short Summary
The Mutual Holding Companies Procedures govern Rhode Island financial institutions operating in mutual form. It provides procedures, requirements, and options for the reorganization of mutual financial institutions into mutual holding companies and the issuance of securities by resulting subsidiary financial institutions or subsidiary holding companies. The document defines various terms used in the regulation and clarifies that ‘board of trustees’ and ‘board of directors’ are interchangeable. It outlines the conditions for reorganizations, including board approval, filing of a Reorganization Plan and Application, approval by depositors, obtaining necessary regulatory approvals, and maintaining federally insured deposits. The document also covers the rights of depositors in the mutual holding company and acquiree subsidiary financial institutions. It provides guidelines for the content of Reorganization Plans, including provisions for amendment of agreements and bylaws, transfer of assets and liabilities, issuance of identical accounts to depositors, and termination provisions. Stock issuances by subsidiaries of mutual holding companies require approval from the Director. The document also addresses the formation and stock issuances of subsidiary holding companies. The Director considers factors such as fairness, adequacy of disclosure materials, and conformity with relevant laws and regulations. Overall, this document provides guidelines and requirements for mutual holding company reorganizations and subsidiary holding companies in Rhode Island.
Whom does it apply to?
Rhode Island financial institutions operating in mutual form
What does it govern?
Mutual Holding Companies Procedures
What are exemptions?
No specific exemptions are mentioned in the document
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
Rhode Island