(a) Completion of the conversion.
(1) In the plan of conversion, the mutual
holding company must set a date by which the conversion must be completed.
This date must not be more than 24 months from the date that the members
approve the plan of conversion. The date, once set, may not be extended
by the mutual holding company or by the Board. The mutual holding
company must terminate the conversion if it is not completed by that
date.
(2) The conversion
is complete on the date that the mutual holding company accepts the
offers for stock of the resulting stock holding company.
(b) Termination of the conversion.
(1) The members may terminate
the conversion by failing to approve the conversion at the members’
meeting.
(2) The mutual
holding company may terminate the conversion before the members’ meeting.
(3) The mutual holding
company may terminate the conversion after the members’ meeting only
if the Board concurs.
(c) Voting rights for stockholders following conversion. The resulting stock holding company must provide the stockholders
with exclusive voting rights.
(d) Rights of savings account holders. The
resulting stock holding company must provide a liquidation account
for each eligible and supplemental eligible account holder under section
239.62(a)(1)-(3).
