209 CMR, § 33.07

Current through Register 1533, October 25, 2024
Section 33.07 - Information Documents
(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.

209 CMR, § 33.07