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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 12 - Banks and Banking |
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Chapter V - Office of Thrift Supervision, Department of the Treasury |
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Part 563b - Conversions from Mutual to Stock Form |
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Subpart C - Voluntary Supervisory Stock Conversions |
§ 563b.24 - Qualification for supervisory conversion of SAIF-insured associations.
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(a) The OTS in its discretion may authorize the supervisory conversion of a SAIF-insured savings association upon finding that the association:
(1) Is significantly undercapitalized; and
(2) Would be a viable entity as determined under § 563b.26 of this subpart, following the conversion.
(b) The OTS in its discretion also may authorize the supervisory conversion of a SAIF-insured savings association upon finding that the association:
(1) Is undercapitalized;
(2) Demonstrates by clear evidence that a standard conversion that would raise sufficient capital to enable the association to be adequately capitalized is not feasible; and
(3) Would be a viable entity as determined under § 563b.26 of this subpart, following the conversion.
(c) Notwithstanding any other provision of law, the OTS also may authorize, (or in the case of a Federal savings association require), the conversion of a savings association into a Federal savings association pursuant to section 5(p) of the Home Owners’ Loan Act, 12 U.S.C. 1464(p).