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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 A - Standard Conversions |
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Post-Conversion |
§ 563b.530 - What other requirements apply after I convert?
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§ 563b.530 What other requirements apply after I convert?
After you convert, you must:
(a) Promptly register your shares under the Securities Exchange Act of 1934 (15 U.S.C. 78a-78jj, as amended). You may not deregister the shares for three years.
(b) Encourage and assist a market maker to establish and to maintain a market for your shares. A market maker for a security is a dealer who:
(1) Regularly publishes bona fide competitive bid and offer quotations for the security in a recognized inter-dealer quotation system;
(2) Furnishes bona fide competitive bid and offer quotations for the security on request; or
(3) May effect transactions for the security in reasonable quantities at quoted prices with other brokers or dealers.
(c) Use your best efforts to list your shares on a national or regional securities exchange or on the National Association of Securities Dealers Automated Quotation system.
(d) File all post-conversion reports that OTS requires.