La. Admin. Code tit. 10 § V-509
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-509 - Content of Applicant's Plan of ConversionA. The applicant's plan of conversion shall comply with the requirements of the FSLIC, including the determination of the eligibility record date and supplemental record date (if applicable) with respect to subscription rights to purchase the applicant's conversion stock, and provides that the total number of shares which officers and directors of the converting insured institution and their associates may purchase in the conversion shall not exceed 35 percent of the total offering of shares in the case of a converting insured institution with total assets of less than $50 million, or 25 percent of the total offering of shares in the case of a converting insured institution with total assets of $500 million or more; in the case of converting insured institutions with total assets in excess of $50 million but less than $500 million, the percentage shall be no more than a correspondingly appropriate number of shares based on total asset size (for example, 30 percent in the case of a converting insured institution with total assets of $275 million).B. The applicant's plan of conversion may also provide for employment contracts for the applicant's officers and employees upon conversion and for a stock option plan (including a management incentive plan providing for stock options), which shall be subject to approval by the commissioner. The commissioner may require provisions in an applicant's plan of conversion in addition to the requirements of the FSLIC if he determines that such additional provisions are necessary for an equitable conversion.La. Admin. Code tit. 10, § V-509
Promulgated by the Department of Commerce, Office of Financial Institutions, LR 6:714 (December 1980), amended LR 8:470 (September 1982).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:948.