02-029-132 Me. Code R. § II
Current through 2024-51, December 18, 2024
The purpose of this regulation is to provide the regulatory framework to permit a mutual financial institution to reorganize into a subsidiary savings institution at least 51% of the stock of which is wholly owned by the mutual holding company. After the reorganization, voting rights of the account holders of the mutual financial institution are transferred to voting rights in the mutual holding company. The reorganization is a two-step process: first, an interim subsidiary savings institution is chartered and, second, the mutual financial institution transfers substantially all its assets and liabilities to the subsidiary savings institution.
02-029 C.M.R. ch. 132, § II