1. A. The commissioner may disapprove an application for conversion if:

   1. 1. the plan of conversion adopted by the applicant's board of directors is not in compliance with this rule or policies of OFI, or would violate another law or regulation;
   2. 2. the conversion would cause the applicant to fail to meet the regulatory capital requirements of R.S. 6:1206;
   3. 3. the conversion may result in a taxable reorganization of the applicant under the Internal Revenue Code of 1986, as amended;
   4. 4. the converted savings bank would not have its accounts insured by the Federal Deposit Insurance Corporation (FDIC);
   5. 5. the commissioner determines that the application for conversion is manipulative, deceptive, or subverts the fairness of the conversion; or
   6. 6. the commissioner determines that the conversion is likely to result in injury to the savings bank;
   7. 7. the conversion will not meet the convenience and needs of the communities to be served by the converted savings bank.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1069 (October 1995).