La. Admin. Code tit. 10 § VII-335
Current through Register Vol. 50, No. 11, November 20, 2024
Section VII-335 - Conversion of a Savings Bank in Connection with the Formation of a Stock Holding CompanyA. A savings bank may convert to stock form under this rule as part of a transaction in which a stock holding company is organized to acquire upon issuance all the capital stock of the converted savings bank. In this type of transaction, eligible account holders, supplemental eligible account holders, and voting members of the converting savings bank shall receive, without payment, nontransferable rights to purchase capital stock of the newly formed holding company in lieu of capital stock of the converting savings bank. Unless clearly inapplicable, all of the requirements of this rule shall apply to a conversion under this Section.La. Admin. Code tit. 10, § VII-335
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.