Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 33.00 - Conversion By Co-operative Banks And Savings Banks From Mutual To Stock Form
Section 33.03 - General Rules for Conversions
Universal Citation: 209 MA Code of Regs 209.33
Current through Register 1531, September 27, 2024
Except as may be authorized by the commissioner, no application for conversion shall be approved by the commissioner if:
(1) The plan of conversion adopted by the applicant's board of directors or trustees does not comply with the provisions of 209 CMR 33.00;
(2) The conversion would result in any reduction of the bank's reserves and net worth;
(3) The conversion would result in a taxable reorganization of the applicant under the Internal Revenue Code of 1954, as amended; or
(4) The converted bank would not have deposit insurance.
Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
