La. Admin. Code tit. 10 § VII-321

Current through Register Vol. 50, No. 11, November 20, 2024

Section VII-321 - Statements Prior to Approval of Plan of Conversion

A. Keeping Conversion Plans Confidential. A savings bank considering converting under this rule and its directors, officers and employees shall keep such consideration confidential and shall only discuss the potential conversion as necessary to prepare information for filing an application for conversion. If this confidence is breached, the commissioner may require remedial measures, including:

1. a public statement by the savings bank that its board of directors is currently considering converting, pursuant to this rule;

2. providing for an eligibility record date so as to assure the conversion is equitable;

3. limitation of the subscription rights of any person violating or aiding the violation of this Section; and/or

4. any other actions the commissioner may deem appropriate and necessary to assure the fairness and equity of the conversion.

B. Public Statement. If it should become essential as a result of rumors prior to the adoption of a plan of conversion by the applicant's board of directors, a public statement under Paragraph A.1 of this Section may be made by the applicant.

La. Admin. Code tit. 10, § VII-321

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1069 (October 1995).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.