209 CMR, § 33.03

Current through Register 1536, December 6, 2024

Section 33.03 - General Rules for Conversions

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.

209 CMR, § 33.03