LAC 10:VII.337 – Conversion of a Savings Bank Involving Acquisition by an Existing Stock Holding Company

A. A savings bank may convert to stock form under this rule as part of a transaction in which an existing stock holding company acquires upon issuance all the capital stock of the converted savings bank. In this type of transaction, the eligible account holders, supplemental eligible account holders, and voting members of the converting savings bank shall receive, without payment, nontransferable rights from the holding company to purchase its capital stock in lieu of capital stock of the converting savings bank. Unless clearly inapplicable, all of the requirements of this rule shall apply to a conversion under this Section.

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

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