La. Admin. Code tit. 10 § VII-503

Current through Register Vol. 50, No. 11, November 20, 2024
Section VII-503 - Definitions
A. For purposes of this rule, the following terms shall have the meanings set forth in §303 of the Savings Bank Conversions Rule:
1.acting in concert;
2.affiliate; associate;
3.commissioner;
4.control;
5.person;
6.proxy;
7.stock;
8.tax-qualified employee stock benefit plan; and
9.non-tax-qualified employee stock benefit plan.
B. For purposes of this rule, the following terms shall have the following meanings.

Acquiree Savings Bank- any savings bank other than a resulting savings bank, that:

a. is acquired by a mutual holding company as part of, and concurrently with, a mutual holding company reorganization; and
b. is in the mutual form immediately prior to the acquisition.

Conversion Rule- refers to the Savings Bank conversions rule promulgated by the Louisiana Office of Financial Institutions in the Louisiana Register, Volume 21, page 1069 (October 20, 1995). For purposes of this rule, the term conversion as it appears in the conversion rule shall be deemed to refer to the reorganization or the stock issuanceplan, as appropriate.

Member- any person who qualifies as a member of the savings bank or mutual holding company at issue, pursuant to the institution's articles and bylaws.

Mutual Holding Company- a savings bank mutual holding company, as further defined in R.S. 6:1151.

Parent- company that controls another company, either directly or indirectly, through one or more subsidiaries.

Reorganization Notice- a notice of a proposed mutual holding company reorganization that is in the form and contains the information required by the commissioner.

Reorganization Plan- a plan to reorganize into the mutual holding company format containing the information required by §511 of this rule.

Reorganizing Savings Bank- a mutual savings bank that proposes to reorganize into a mutual holding company under this rule.

Resulting Savings Bank- a stock savings bank that is organized as a subsidiary of a reorganizing savings bank to receive a substantial part of the assets and liabilities (including all deposit accounts) of the reorganizing savings bank upon consummation of the reorganization.

Stock Issuance Plan- a plan providing for the issuance of stock by a savings bank subsidiary of a mutual holding company as provided in §513 of this rule.

Subsidiary- any company which is controlled by a person or by a company which is a subsidiary of such person.

La. Admin. Code tit. 10, § VII-503

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1071 (October 1995).
AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.