- (a) In general. A savings association must notify its members of the meeting to consider its conversion by sending the members a proxy statement cleared by the appropriate Federal banking agency.
- (b) Timing of notice. The savings association must notify its members 20 to 45 calendar days before the meeting, unless the savings association is State-chartered and State law requires a different notice period.
(c) Notice to beneficial account holders. The savings association must also notify each beneficial holder of an account held in a fiduciary capacity:
- (1) If the savings association is a Federal savings association, and the name of the beneficial holder is disclosed on the savings association's records; or
- (2) If the savings association is a State-chartered savings association and the beneficial holder possesses voting rights under State law.