(a) Depositors and borrowers of resulting associations, acquiree associations,
and associations in mutual form when acquired. The charter of
a mutual holding company must:
(1) Confer upon existing and future depositors
of the resulting association the same membership rights in the mutual
holding company as were conferred upon depositors by the charter of
the reorganizing association as in effect immediately prior to the
reorganization;
(2)
Confer upon existing and future depositors of any acquiree association
or any association that is in the mutual form when acquired by the
mutual holding company the same membership rights in the mutual holding
company as were conferred upon depositors by the charter of the acquired
association immediately prior to acquisition, provided that if the acquired association is merged into another association from
which the mutual holding company draws members, the depositors of
the acquired association shall receive the same membership rights
as the depositors of the association into which the acquired association
is merged;
(3) Confer
upon the borrowers of the resulting association who are borrowers
at the time of reorganization the same membership rights in the mutual
holding company as were conferred upon them by the charter of the
reorganizing association immediately prior to reorganization, but
shall not confer any membership rights in connection with any borrowings
made after the reorganization; and
(4) Confer upon the borrowers of any acquiree
association or any association that is in the mutual form when acquired
by the mutual holding company who are borrowers at the time of the
acquisition the same membership rights in the mutual holding company
as were conferred upon them by the charter of the acquired association
immediately prior to acquisition, but shall not confer any membership
rights in connection with any borrowings made after the acquisition, provided that if the acquired association is merged into another
association from which the mutual holding company draws members, the
borrowers of the acquired association shall instead receive the same
grandfathered membership rights as the borrowers of the association
into which the acquired association is merged received at the time
that association became a subsidiary of the mutual holding company.
(b) Depositors and borrowers of associations in
the stock form when acquired. A mutual holding company that acquires
a savings association in the stock form, other than a resulting association
or an acquiree association, shall not confer any membership rights
upon the depositors and borrowers of such association, unless such
association is merged into an association from which the mutual holding
company draws members, in which case the depositors of the stock association
shall receive the same membership rights as other depositors of the
association into which the stock association is merged.
