N.Y. Comp. Codes R. & Regs. tit. 3 § 111.6

Current through Register Vol. 46, No. 51, December 18, 2024

Section 111.6 - Reorganization into mutual holding company form

(a) The mutual holding company may retain or acquire assets of the mutual savings bank only to the extent permitted by the superintendent consistent with the safe and sound operation of the stock savings bank.

(b) A stock savings bank established in connection with a reorganization shall reserve no authorized but unissued shares, except as necessary to satisfy a stock option plan or issued securities convertible into stock.

(c) A plan of reorganization shall contain the provisions set out in section 86.4(e) of this Title except that it need not provide for the sale of any stock and the aggregate price of any stock sold shall bear the same proportion to total estimated pro forma market value of the savings bank determined by an independent appraisal that the shares sold bear to the total issued and outstanding shares of the savings bank. The limitation contained in section 86.4(e)(3) of this Title shall continue until three years after conversion into a stock holding company.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 111.6