N.Y. Comp. Codes R. & Regs. tit. 3, § 111.8 – Conversion into a stock holding company. | Midpage
§ 111.8
N.Y. Comp. Codes R. & Regs. tit. 3, § 111.8
Conversion into a stock holding company.
Banking
(a) A mutual holding company may convert into a stock holding company by any method feasible under the applicable corporate laws and approved by the superintendent. It must convert in the event a transaction will result in its ownership of any savings bank subsidiary declining to less than 51 percent of the total voting power of all outstanding shares.
(b) A plan of conversion must include a provision requiring the exchange of shares of a subsidiary savings bank for shares of the resulting stock holding company in a proportion established by independent appraisals of the mutual holding company and the subsidiary savings bank.