La. Admin. Code tit. 10 § VII-501
Current through Register Vol. 50, No. 11, November 20, 2024
A. This rule is enacted pursuant to the Louisiana Savings Bank Act of 1990. Except as the commissioner may otherwise determine, the provisions of this rule shall exclusively govern the reorganization of Louisiana state-chartered mutual savings banks into mutual holding companies with one or more subsidiary stock savings banks and the issuance of stock by such savings banks. The prior written approval of the commissioner is required for such actions. The commissioner may grant a waiver in writing from any requirement of this rule for good cause shown and may adopt policies and procedures interpreting and implementing this rule. This rule supersedes all inconsistent articles of incorporation and bylaws of state-chartered mutual savings banks reorganizing into mutual holding companies.La. Admin. Code tit. 10, § VII-501
Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1070 (October 1995).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.