PURPOSE: This rule provides that so long as the mutual holding company complies substantially and in good faith with the notice requirements of this Chapter 20 CSR 16, the failure to give notice to any person or persons does not impair the validity of the conversion.

If the mutual holding company complies substantially and in good faith with the requirements of this regulation with respect to any required notice to members, its failure in any case to give such notice to any person or persons entitled thereto shall not cause the director to withhold or reverse its approval of the plan of conversion.

AUTHORITY: section 374.045, RSMo Supp. 1998.* Original rule filed March 1, 1999, effective Aug. 30, 1999. *Original authority 374.045, RSMo 1967, amended 1993, 1995.