(a) A mutual savings association
may not reorganize to become a mutual holding company, or join in
a mutual holding company reorganization as an acquiree association,
unless it satisfies the following conditions:
(1) A Reorganization Plan is approved by
a majority of the board of directors of the reorganizing association
and any acquiree association;
(2) A Reorganization Notice is filed with
the Board pursuant to section 238.14 of this chapter;
(3) The Reorganization Plan
is submitted to the members of the reorganizing association and any
acquiree association pursuant and is approved by a majority of the
total votes of the members of each association eligible to be cast
at a meeting held at the call of each association’s directors in accordance
with the procedures prescribed by each association’s charter and bylaws;
and
(4) All necessary
regulatory approvals have been obtained and all conditions imposed
by the Board have been satisfied.
(b) Upon receipt of an application under this section,
the Reserve Bank will promptly furnish notice and a copy of the Reorganization
Plan to the primary federal supervisor of any savings association
involved in the transaction. The primary supervisor will have 30 calendar
days from the date of the letter giving notice in which to submit
its views and recommendations to the Board.
