All the provisions of 209 CMR 33.27 as well as 209 CMR 33.07 and 209 CMR 33.08, shall apply to mutual holding company conversions to stock form pursuant to 209 CMR 33.32 through 33.41, unless inapplicable or inappropriate, as determined by the Commissioner. For these purposes, the term "converted or converting bank" as it appears in 209 CMR 33.08 shall be deemed to refer to the converting mutual holding company undertaking the stock issuance, unless the context requires otherwise.
209 CMR, § 33.38