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 33.14 - Supervisory Stock Conversions
Universal Citation: 209 MA Code of Regs 209.33
Current through Register 1531, September 27, 2024
(1) A supervisory stock conversion is the sale of all of the converting bank's newly-issued capital stock to a third party or parties in a transaction in which the account holders of a savings bank have no subscription rights, the account holders of a co-operative bank have no voting or subscription rights and no liquidation account is established for the benefit of any account holders of a savings or co-operative bank.
(2) The corporate existence of the converted bank shall be a continuation of the converting bank.
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