§ 192.675 - Conditions imposed upon approval of voluntary supervisory conversion application.

§ 192.675 What conditions will the appropriate Federal banking agency impose on an approval?Conditions imposed upon approval of voluntary supervisory conversion application.

(a) Required condition. The appropriate Federal banking agency will condition approval of a voluntary supervisory conversion application on all of the following.

(1) You The savings association must complete the conversion stock sale within three months after the appropriate Federal banking agency approves your the application. The appropriate Federal banking agency may grant an extension for good cause.

(2) You The savings association must comply with all filing requirements of parts 192 and 197 of this chapterthis part, and 12 CFR part 16.

(3) You The savings association must submit an opinion of independent legal counsel indicating that the sale of your its shares complies with all applicable state State securities law requirements.

(4) You The savings association must comply with all applicable laws, rules, and regulations.

(5) You The savings association must satisfy any other requirements or conditions the appropriate Federal banking agency may impose.

(b) Discretionary conditions. The appropriate Federal banking agency may condition approval of a voluntary supervisory application for conversion application on either of the following:

(1) You The savings association must satisfy any conditions and restrictions the appropriate Federal banking agency imposes to prevent unsafe or unsound practices, to protect the Deposit Insurance Fund and the public interest, and to prevent potential injury or detriment to you the savings association before and after the conversion. The appropriate Federal banking agency may impose these conditions and restrictions on you the savings association (before and after the conversion) or, as appropriate, your the savings association's acquiror, controlling parties, or your its directors and officers; or

(2) You The savings association must infuse a larger amount of capital, if necessary, for safety and soundness reasons.