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 33.07 - Information Documents
Universal Citation: 209 MA Code of Regs 209.33
Current through Register 1531, September 27, 2024
(1) Information documents intended to inform corporators of a savings bank, or shareholders of a co-operative bank, previous to the vote on the plan of conversion may not be released until their content and use have been approved by the commissioner.
(2) Information documents must be sent to all eligible voters in order to enable them to make an informed decision.
(3)
(a) No information documents or other
communications, written or oral, sent by the bank, its management, or any other
person in connection with the meeting to vote on a plan of conversion shall
contain any statement which, at the time and in the light of the circumstances
under which it is made, is false or misleading with respect to any material
fact, or which omits to state any material fact necessary in order to make the
statements the re in not false or misleading or omits information necessary to
correct any statement in any earlier communication with respect to such meeting
which become false or misleading.
(b) The fact that information documents have
been filed with or examined by the commissioner and cleared for use shall not
be deemed to be a finding by the commissioner that such information documents
are accurate or complete or not false or misleading, or that the commissioner
has passed upon the merits of or approved any proposal contained therein. No
representation contrary to the foregoing shall be made by any person.
(c) If information documents or other
communications by management violate any provisions of 209 CMR 33.07, the
commissioner may require remedial measures including:
1. Correction of any such violation by means
of a retraction and new information documents;
2. Rescheduling of the meeting for a vote on
the plan of conversion; and
3. Any
other action the commissioner may deem appropriate under the circumstances in
order to assure a fair vote.
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