PURPOSE: This rule describes the process by which a mutual holding company may abandon a plan of conversion.

The mutual holding company may, by action of not less than three-fourths (3/4) of its board of directors, abandon or amend the plan of conversion at any time before the effective date. Upon abandonment, all rights and obligations arising out of the plan shall terminate, and the mutual holding company shall continue to conduct its business as a mutual holding company as though no such plan had ever been adopted. Any amendment after the public hearing required by rule 20 CSR 200-16.040, or after member approval required by rule 20 CSR 200- 16.050, shall require a further hearing or vote unless the mutual holding company demonstrates to the satisfaction of the director that such amendment will not materially disadvantage the members. Notwithstanding the preceding sentence, no amendment requested by the director after the public hearing required by rule 20 CSR 200- 16.040, or after the member approval required by rule 20 CSR 200-16.050, shall require a further hearing or vote unless such amendment changes the plan in a manner which the director determines is materially disadvantageous to the members.

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.