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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.30 - Conditions of approval.
Latest version.
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The Office's approval of a supervisory conversion application will be conditioned upon the following:
(a) Completion of the sale of conversion stock within a maximum of three months after the Office approves the application, or within such additional period as the OTS may for good cause grant;
(b) Compliance with all filing requirements of 12 CFR parts 563b and 563g;
(c) Submission of an opinion of independent legal counsel that all applicable state securities law requirements have been met in connection with the sale of the association's conversion stock;
(d) Compliance with all applicable laws, rules, and regulations; and
(e) Satisfaction of any other requirement or conditions the Office may impose.