LAC 10:VII.341 – Merger with an Existing Stock Savings Bank Owned by a Stock Holding Company

A. A savings bank may convert to the stock form under this rule by merging into an existing stock savings bank which is a wholly-owned subsidiary of a stock holding company. 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).