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12 CFR 563b

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Subject: Electronic Code of Federal Regulations:
Date: Mon, 10 Mar 2008 12:32:42 -0400
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      <P><SPAN class=3Dupdatebodytest><BR><STRONG><SPAN =
class=3Dmainheader>Title 12:=20
      Banks and Banking</SPAN></STRONG><BR><A name=3DPartTop></A>
      <P><SPAN><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr;sid=3D0a67=
5f6d7b92f4f21cb4870e0a645829;rgn=3Ddiv5;view=3Dtext;node=3D12%3A5.0.1.1.3=
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      Previous</A></SPAN>&nbsp;|&nbsp;<SPAN><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr;sid=3D0a67=
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5;idno=3D12;cc=3Decfr">Browse=20
      Next</A></SPAN><BR>
      <H5>PART 563b=97CONVERSIONS FROM MUTUAL TO STOCK FORM</H5>
      <HR align=3Dleft width=3D"50%">
      <B>Section Contents</B><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.0.63.1">=A7&nbsp;563b.5&nbsp;&n=
bsp;&nbsp;What=20
      does this part do?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.0.63.2">=A7&nbsp;563b.10&nbsp;&=
nbsp;&nbsp;May=20
      I form a holding company as part of my =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.0.63.3">=A7&nbsp;563b.15&nbsp;&=
nbsp;&nbsp;May=20
      I form a charitable organization as part of my=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.0.63.4">=A7&nbsp;563b.20&nbsp;&=
nbsp;&nbsp;May=20
      I acquire another insured stock depository institution as part of =
my=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.0.63.5">=A7&nbsp;563b.25&nbsp;&=
nbsp;&nbsp;What=20
      definitions apply to this part?</A></FONT><BR><FONT =
size=3D-1><BR><STRONG>
      <CENTER><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1">Subpart=20
      A=97Standard Conversions</A></CENTER></STRONG></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.63">Prior=20
      to Conversion</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.63.1">=A7&nbsp;563b.100&nbsp;=
&nbsp;&nbsp;What=20
      must I do before a conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.63.2">=A7&nbsp;563b.105&nbsp;=
&nbsp;&nbsp;What=20
      information must I include in my business =
plan?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.63.3">=A7&nbsp;563b.110&nbsp;=
&nbsp;&nbsp;Who=20
      must review my business plan?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.63.4">=A7&nbsp;563b.115&nbsp;=
&nbsp;&nbsp;How=20
      will OTS review my business plan?</A></FONT><BR><FONT size=3D-1><A =

      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.63.5">=A7&nbsp;563b.120&nbsp;=
&nbsp;&nbsp;May=20
      I discuss my plans to convert with others?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.64">Plan=20
      of Conversion</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.64.6">=A7&nbsp;563b.125&nbsp;=
&nbsp;&nbsp;Must=20
      my board of directors adopt a plan of =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.64.7">=A7&nbsp;563b.130&nbsp;=
&nbsp;&nbsp;What=20
      must I include in my plan of conversion?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.64.8">=A7&nbsp;563b.135&nbsp;=
&nbsp;&nbsp;How=20
      do I notify my members that my board of directors approved a plan =
of=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.64.9">=A7&nbsp;563b.140&nbsp;=
&nbsp;&nbsp;May=20
      I amend my plan of conversion?</A></FONT><BR><FONT =
size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.65">Filing=20
      Requirements</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.65.10">=A7&nbsp;563b.150&nbsp=
;&nbsp;&nbsp;What=20
      must I include in my application for =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.65.11">=A7&nbsp;563b.155&nbsp=
;&nbsp;&nbsp;How=20
      do I file my application for conversion?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.65.12">=A7&nbsp;563b.160&nbsp=
;&nbsp;&nbsp;May=20
      I keep portions of my application for conversion=20
      confidential?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.65.13">=A7&nbsp;563b.165&nbsp=
;&nbsp;&nbsp;How=20
      do I amend my application for conversion?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.66">Notice=20
      of Filing of Application and Comment =
Process</A></STRONG></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.66.14">=A7&nbsp;563b.180&nbsp=
;&nbsp;&nbsp;How=20
      do I notify the public that I filed an application for=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.66.15">=A7&nbsp;563b.185&nbsp=
;&nbsp;&nbsp;How=20
      may a person comment on my application for =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.67">OTS=20
      Review of the Application for =
Conversion</A></STRONG></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.67.16">=A7&nbsp;563b.200&nbsp=
;&nbsp;&nbsp;What=20
      actions may OTS take on my application?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.67.17">=A7&nbsp;563b.205&nbsp=
;&nbsp;&nbsp;May=20
      a court review OTS's final action on my =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.68">Vote=20
      by Members</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.68.18">=A7&nbsp;563b.225&nbsp=
;&nbsp;&nbsp;Must=20
      I submit the plan of conversion to my members for=20
      approval?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.68.19">=A7&nbsp;563b.230&nbsp=
;&nbsp;&nbsp;Who=20
      is eligible to vote?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.68.20">=A7&nbsp;563b.235&nbsp=
;&nbsp;&nbsp;How=20
      must I notify my members of the meeting?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.68.21">=A7&nbsp;563b.240&nbsp=
;&nbsp;&nbsp;What=20
      must I submit to OTS after the members' =
meeting?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69">Proxy=20
      Solicitation</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.22">=A7&nbsp;563b.250&nbsp=
;&nbsp;&nbsp;Who=20
      must comply with these proxy solicitation =
provisions?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.23">=A7&nbsp;563b.255&nbsp=
;&nbsp;&nbsp;What=20
      must the form of proxy include?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.24">=A7&nbsp;563b.260&nbsp=
;&nbsp;&nbsp;May=20
      I use previously executed proxies?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.25">=A7&nbsp;563b.265&nbsp=
;&nbsp;&nbsp;How=20
      may I use proxies executed under this part?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.26">=A7&nbsp;563b.270&nbsp=
;&nbsp;&nbsp;What=20
      must I include in my proxy statement?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.27">=A7&nbsp;563b.275&nbsp=
;&nbsp;&nbsp;How=20
      do I file revised proxy materials?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.28">=A7&nbsp;563b.280&nbsp=
;&nbsp;&nbsp;Must=20
      I mail a member's proxy solicitation material?</A></FONT><BR><FONT =

      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.29">=A7&nbsp;563b.285&nbsp=
;&nbsp;&nbsp;What=20
      solicitations are prohibited?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.30">=A7&nbsp;563b.290&nbsp=
;&nbsp;&nbsp;What=20
      will OTS do if a solicitation violates these=20
      prohibitions?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.69.31">=A7&nbsp;563b.295&nbsp=
;&nbsp;&nbsp;Will=20
      OTS require me to re-solicit proxies?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.70">Offering=20
      Circular</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.70.32">=A7&nbsp;563b.300&nbsp=
;&nbsp;&nbsp;What=20
      must happen before OTS declares my offering circular=20
      effective?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.70.33">=A7&nbsp;563b.305&nbsp=
;&nbsp;&nbsp;When=20
      may I distribute the offering circular?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.70.34">=A7&nbsp;563b.310&nbsp=
;&nbsp;&nbsp;When=20
      must I file a post-effective amendment to the offering=20
      circular?</A></FONT><BR><FONT size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71">Offers=20
      and Sales of Stock</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.35">=A7&nbsp;563b.320&nbsp=
;&nbsp;&nbsp;Who=20
      has priority to purchase my conversion shares?</A></FONT><BR><FONT =

      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.36">=A7&nbsp;563b.325&nbsp=
;&nbsp;&nbsp;When=20
      may I offer to sell my conversion shares?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.37">=A7&nbsp;563b.330&nbsp=
;&nbsp;&nbsp;How=20
      do I price my conversion shares?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.38">=A7&nbsp;563b.335&nbsp=
;&nbsp;&nbsp;How=20
      do I sell my conversion shares?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.39">=A7&nbsp;563b.340&nbsp=
;&nbsp;&nbsp;What=20
      sales practices are prohibited?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.40">=A7&nbsp;563b.345&nbsp=
;&nbsp;&nbsp;How=20
      may a subscriber pay for my conversion shares?</A></FONT><BR><FONT =

      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.41">=A7&nbsp;563b.350&nbsp=
;&nbsp;&nbsp;Must=20
      I pay interest on payments for conversion =
shares?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.42">=A7&nbsp;563b.355&nbsp=
;&nbsp;&nbsp;What=20
      subscription rights must I give to each eligible account holder =
and each=20
      supplemental eligible account holder?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.43">=A7&nbsp;563b.360&nbsp=
;&nbsp;&nbsp;Are=20
      my officers, directors, and their associates eligible account=20
      holders?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.44">=A7&nbsp;563b.365&nbsp=
;&nbsp;&nbsp;May=20
      other voting members purchase conversion shares in the=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.45">=A7&nbsp;563b.370&nbsp=
;&nbsp;&nbsp;Does=20
      OTS limit the aggregate purchases by officers, directors, and =
their=20
      associates?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.46">=A7&nbsp;563b.375&nbsp=
;&nbsp;&nbsp;How=20
      do I allocate my conversion shares if my shares are=20
      oversubscribed?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.47">=A7&nbsp;563b.380&nbsp=
;&nbsp;&nbsp;May=20
      my employee stock ownership plan purchase conversion=20
      shares?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.48">=A7&nbsp;563b.385&nbsp=
;&nbsp;&nbsp;May=20
      I impose any purchase limitations?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.49">=A7&nbsp;563b.390&nbsp=
;&nbsp;&nbsp;Must=20
      I provide a purchase preference to persons in my local=20
      community?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.71.50">=A7&nbsp;563b.395&nbsp=
;&nbsp;&nbsp;What=20
      other conditions apply when I offer conversion shares in a =
community=20
      offering, a public offering, or both?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.72">Completion=20
      of the Offering</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.72.51">=A7&nbsp;563b.400&nbsp=
;&nbsp;&nbsp;When=20
      must I complete the sale of my stock?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.72.52">=A7&nbsp;563b.405&nbsp=
;&nbsp;&nbsp;How=20
      do I extend the offering period?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73">Completion=20
      of the Conversion</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73.53">=A7&nbsp;563b.420&nbsp=
;&nbsp;&nbsp;When=20
      must I complete my conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73.54">=A7&nbsp;563b.425&nbsp=
;&nbsp;&nbsp;Who=20
      may terminate the conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73.55">=A7&nbsp;563b.430&nbsp=
;&nbsp;&nbsp;What=20
      happens to my old charter?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73.56">=A7&nbsp;563b.435&nbsp=
;&nbsp;&nbsp;What=20
      happens to my corporate existence after =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73.57">=A7&nbsp;563b.440&nbsp=
;&nbsp;&nbsp;What=20
      voting rights must I provide to stockholders after the=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.73.58">=A7&nbsp;563b.445&nbsp=
;&nbsp;&nbsp;What=20
      must I provide my savings account holders?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74">Liquidation=20
      Account</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.59">=A7&nbsp;563b.450&nbsp=
;&nbsp;&nbsp;What=20
      is a liquidation account?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.60">=A7&nbsp;563b.455&nbsp=
;&nbsp;&nbsp;What=20
      is the initial balance of the liquidation =
account?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.61">=A7&nbsp;563b.460&nbsp=
;&nbsp;&nbsp;How=20
      do I determine the initial balances of liquidation=20
      sub-accounts?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.62">=A7&nbsp;563b.465&nbsp=
;&nbsp;&nbsp;Do=20
      account holders retain any voting rights based on their =
liquidation=20
      sub-accounts?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.63">=A7&nbsp;563b.470&nbsp=
;&nbsp;&nbsp;Must=20
      I adjust liquidation sub-accounts?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.64">=A7&nbsp;563b.475&nbsp=
;&nbsp;&nbsp;What=20
      is a liquidation?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.65">=A7&nbsp;563b.480&nbsp=
;&nbsp;&nbsp;Does=20
      the liquidation account affect my net worth?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.74.66">=A7&nbsp;563b.485&nbsp=
;&nbsp;&nbsp;What=20
      provision must I include in my new federal =
charter?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75">Post-Conversion</A></STRO=
NG></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.67">=A7&nbsp;563b.500.&nbs=
p;&nbsp;&nbsp;What=20
      management stock benefit plans may I =
implement?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.68">=A7&nbsp;563b.505&nbsp=
;&nbsp;&nbsp;May=20
      my directors, officers, and their associates freely trade=20
      shares?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.69">=A7&nbsp;563b.510&nbsp=
;&nbsp;&nbsp;May=20
      I repurchase shares after conversion?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.70">=A7&nbsp;563b.515&nbsp=
;&nbsp;&nbsp;What=20
      information must I provide to OTS before I repurchase my=20
      shares?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.71">=A7&nbsp;563b.520&nbsp=
;&nbsp;&nbsp;May=20
      I declare or pay dividends after I convert?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.72">=A7&nbsp;563b.525&nbsp=
;&nbsp;&nbsp;Who=20
      may acquire my shares after I convert?</A></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.75.73">=A7&nbsp;563b.530&nbsp=
;&nbsp;&nbsp;What=20
      other requirements apply after I convert?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76">Contributions=20
      to Charitable Organizations</A></STRONG></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76.74">=A7&nbsp;563b.550&nbsp=
;&nbsp;&nbsp;May=20
      I donate conversion shares or conversion proceeds to a charitable=20
      organization?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76.75">=A7&nbsp;563b.555&nbsp=
;&nbsp;&nbsp;How=20
      do my members approve a charitable =
contribution?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76.76">=A7&nbsp;563b.560&nbsp=
;&nbsp;&nbsp;How=20
      much may I contribute to a charitable =
organization?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76.77">=A7&nbsp;563b.565&nbsp=
;&nbsp;&nbsp;What=20
      must the charitable organization include in its organizational=20
      documents?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76.78">=A7&nbsp;563b.570&nbsp=
;&nbsp;&nbsp;How=20
      do I address conflicts of interest involving my=20
      directors?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.1.76.79">=A7&nbsp;563b.575&nbsp=
;&nbsp;&nbsp;What=20
      other requirements apply to charitable =
organizations?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG>
      <CENTER><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2">Subpart=20
      B=97Voluntary Supervisory =
Conversions</A></CENTER></STRONG></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.77.1">=A7&nbsp;563b.600&nbsp;=
&nbsp;&nbsp;What=20
      does this subpart do?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.77.2">=A7&nbsp;563b.605&nbsp;=
&nbsp;&nbsp;How=20
      may I conduct a voluntary supervisory =
conversion?</A></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.77.3">=A7&nbsp;563b.610&nbsp;=
&nbsp;&nbsp;Do=20
      my members have rights in a voluntary supervisory=20
      conversion?</A></FONT><BR><FONT size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.77">Eligibility</A></STRONG><=
/FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.77.4">=A7&nbsp;563b.625&nbsp;=
&nbsp;&nbsp;When=20
      is a savings association eligible for a voluntary supervisory=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.77.5">=A7&nbsp;563b.630&nbsp;=
&nbsp;&nbsp;When=20
      is a state-chartered savings bank eligible for a voluntary =
supervisory=20
      conversion?</A></FONT><BR><FONT size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.78">Plan=20
      of Supervisory Conversion</A></STRONG></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.78.6">=A7&nbsp;563b.650&nbsp;=
&nbsp;&nbsp;What=20
      must I include in my plan of voluntary supervisory=20
      conversion?</A></FONT><BR><FONT size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.79">Voluntary=20
      Supervisory Conversion Application</A></STRONG></FONT><BR><FONT =
size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.79.7">=A7&nbsp;563b.660&nbsp;=
&nbsp;&nbsp;What=20
      must I include in my voluntary supervisory conversion=20
      application?</A></FONT><BR><FONT size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.80">OTS=20
      Review of the Voluntary Supervisory Conversion=20
      Application</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.80.8">=A7&nbsp;563b.670&nbsp;=
&nbsp;&nbsp;Will=20
      OTS approve my voluntary supervisory conversion=20
      application?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.80.9">=A7&nbsp;563b.675&nbsp;=
&nbsp;&nbsp;What=20
      conditions will OTS impose on an approval?</A></FONT><BR><FONT=20
      size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.81">Offers=20
      and Sales of Stock</A></STRONG></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.81.10">=A7&nbsp;563b.680&nbsp=
;&nbsp;&nbsp;How=20
      do I sell my shares?</A></FONT><BR><FONT size=3D-1><BR><STRONG><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.82">Post-Conversion</A></STRO=
NG></FONT><BR><FONT=20
      size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#12:5.0.1.1.34.2.82.11">=A7&nbsp;563b.690&nbsp=
;&nbsp;&nbsp;Who=20
      may not acquire additional shares after the voluntary supervisory=20
      conversion?</A></FONT><BR><FONT size=3D-1><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#"></A></FONT><BR>
      <HR align=3Dleft width=3D"50%">

      <P><FONT size=3D-1><B>Authority:</B> &nbsp;&nbsp;12 U.S.C. 1462, =
1462a,=20
      1463, 1464, 1467a, 2901; 15 U.S.C. 78c, 78l, 78m, 78n,=20
78w.</PSPACE></FONT>
      <P><FONT size=3D-1><B>Source:</B> &nbsp;&nbsp;67 FR 52020, Aug. 9, =
2002,=20
      unless otherwise noted.</PSPACE></FONT><A =
name=3D12:5.0.1.1.34.0.63.1>
      <H5>=A7&nbsp;563b.5&nbsp;&nbsp;&nbsp;What does this part =
do?</H5></A><A=20
      =
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0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A>
      <P>(a) <I>General. </I>This part governs how a savings association =
(=93you=94)=20
      may convert from the mutual to the stock form of ownership. =
Subpart A of=20
      this part governs standard mutual-to-stock conversions. Subpart B =
of this=20
      part governs voluntary supervisory mutual-to-stock conversions. =
This part=20
      supersedes all inconsistent charter and bylaw provisions of =
federal=20
      savings associations converting to stock form.</P>
      <P>(b) <I>Prescribed forms. </I>You must use the forms prescribed =
under=20
      this part and provide such information as OTS may require under =
the forms=20
      by regulation or otherwise. The forms required under this part =
include:=20
      Form AC (Application for Conversion); Form PS (Proxy Statement); =
Form OC=20
      (Offering Circular); and Form OF (Order Form).</P>
      <P>(c) <I>Waivers. </I>OTS may waive any requirement of this part =
or a=20
      provision in any prescribed form. To obtain a waiver, you must =
file a=20
      written request with OTS that:</P>
      <P>(1) Specifies the requirement(s) or provision(s) you want OTS =
to=20
      waive;</P>
      <P>(2) Demonstrates that the waiver is equitable; is not =
detrimental to=20
      you, your account holders, or other savings associations; and is =
not=20
      contrary to the public interest; and</P>
      <P>(3) Includes an opinion of counsel demonstrating that =
applicable law=20
      does not conflict with the requirement or provision.</P><A=20
      name=3D12:5.0.1.1.34.0.63.2>
      <H5>=A7&nbsp;563b.10&nbsp;&nbsp;&nbsp;May I form a holding company =
as part=20
      of my conversion?</H5></A><A=20
      =
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0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A>
      <P>You may convert to the stock form of ownership as part of a =
transaction=20
      where you organize a holding company to acquire all of your shares =
upon=20
      their issuance. In such a transaction, your holding company will =
offer=20
      rights to purchase its shares instead of your shares. All of the=20
      requirements of subpart A generally apply to the holding company =
as they=20
      apply to the savings association. Section 574.6 of this chapter =
contains=20
      OTS's holding company application requirements.</P><A=20
      name=3D12:5.0.1.1.34.0.63.3>
      <H5>=A7&nbsp;563b.15&nbsp;&nbsp;&nbsp;May I form a charitable =
organization=20
      as part of my conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A>
      <P>When you convert to the stock form, you may form a charitable=20
      organization. Your contributions to the charitable organization =
are=20
      governed by the requirements of =A7=A7563b.550 through =
563b.575.</P><A=20
      name=3D12:5.0.1.1.34.0.63.4>
      <H5>=A7&nbsp;563b.20&nbsp;&nbsp;&nbsp;May I acquire another =
insured stock=20
      depository institution as part of my conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A>
      <P>When you convert to stock form, you may acquire for cash or =
stock=20
      another insured depository institution that is already in the =
stock form=20
      of ownership.</P><A name=3D12:5.0.1.1.34.0.63.5>
      <H5>=A7&nbsp;563b.25&nbsp;&nbsp;&nbsp;What definitions apply to =
this=20
      part?</H5></A><A=20
      =
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0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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      top</A>
      <P>The following definitions apply to this part and the forms =
prescribed=20
      under this part:</P>
      <P><I>Acting in concert </I>has the same meaning as in =A7574.2(c) =
of this=20
      chapter. The rebuttable presumptions of =A7574.4(d) of this =
chapter, other=20
      than =A7=A7574.4(d)(1) and (d)(2) of this chapter, apply to the =
share purchase=20
      limitations at =A7=A7563b.355 through 563b.395.</P>
      <P><I>Affiliate of, </I>or a person <I>affiliated with, </I>a =
specified=20
      person is a person that directly or indirectly, through one or =
more=20
      intermediaries, controls, is controlled by, or is under common =
control=20
      with the specified person.</P>
      <P><I>Associate </I>of a person is:</P>
      <P>(1) A corporation or organization (other than you or your=20
      majority-owned subsidiaries), if the person is a senior officer or =

      partner, or beneficially owns, directly or indirectly, 10 percent =
or more=20
      of any class of equity securities of the corporation or =
organization.</P>
      <P>(2) A trust or other estate, if the person has a substantial =
beneficial=20
      interest in the trust or estate or is a trustee or fiduciary of =
the trust=20
      or estate. For purposes of =A7=A7563b.370, 563b.380, 563b.385, =
563b.390,=20
      563b.395 and 563b.505, a person who has a substantial beneficial =
interest=20
      in your tax-qualified or non-tax-qualified employee stock benefit =
plan, or=20
      who is a trustee or a fiduciary of the plan, is not an associate =
of the=20
      plan. For the purposes of =A7563b.370, your tax-qualified employee =
stock=20
      benefit plan is not an associate of a person.</P>
      <P>(3) Any person who is related by blood or marriage to such =
person=20
      and:</P>
      <P>(i) Who lives in the same home as the person; or</P>
      <P>(ii) Who is your director or senior officer, or a director or =
senior=20
      officer of your holding company or your subsidiary.</P>
      <P><I>Association members </I>or <I>members </I>are persons who, =
under=20
      applicable law, are eligible to vote at the meeting on =
conversion.</P>
      <P><I>Control </I>(including <I>controlling, </I><I>controlled by, =
</I>and=20
      <I>under common control with </I>) means the direct or indirect =
power to=20
      direct or exercise a controlling influence over the management and =

      policies of a person, whether through the ownership of voting =
securities,=20
      by contract, or otherwise as described in part 574 of this =
chapter.</P>
      <P><I>Eligibility record date </I>is the date for determining =
eligible=20
      account holders. The eligibility record date must be at least one =
year=20
      before the date your board of directors adopts the plan of =
conversion.</P>
      <P><I>Eligible account holders </I>are any persons holding =
qualifying=20
      deposits on the eligibility record date.</P>
      <P><I>IRS </I>is the Internal Revenue Service.</P>
      <P><I>Local community includes: </I></P>
      <P>(1) Every county, parish, or similar governmental subdivision =
in which=20
      you have a home or branch office;</P>
      <P>(2) Each county's, parish's, or subdivision's metropolitan =
statistical=20
      area;</P>
      <P>(3) All zip code areas in your Community Reinvestment Act =
assessment=20
      area; and</P>
      <P>(4) Any other area or category you set out in your plan of =
conversion,=20
      as approved by OTS.</P>
      <P><I>Offer, </I><I>offer to sell, </I>or <I>offer for sale </I>is =
an=20
      attempt or offer to dispose of, or a solicitation of an offer to =
buy, a=20
      security or interest in a security for value. Preliminary =
negotiations or=20
      agreements with an underwriter, or among underwriters who are or =
will be=20
      in privity of contract with you, are not offers, offers to sell, =
or offers=20
      for sale.</P>
      <P><I>Person </I>is an individual, a corporation, a partnership, =
an=20
      association, a joint-stock company, a limited liability company, a =
trust,=20
      an unincorporated organization, or a government or political =
subdivision=20
      of a government.</P>
      <P><I>Proxy soliciting material </I>includes a proxy statement, =
form of=20
      proxy, or other written or oral communication regarding the=20
conversion.</P>
      <P><I>Purchase </I>or <I>buy </I>includes every contract to =
acquire a=20
      security or interest in a security for value.</P>
      <P><I>Qualifying deposit </I>is the total balance in an account =
holder's=20
      savings accounts at the close of business on the eligibility or=20
      supplemental eligibility record date. Your plan of conversion may =
provide=20
      that only savings accounts with total deposit balances of $50 or =
more will=20
      qualify.</P>
      <P><I>Sale </I>or <I>sell </I>includes every contract to dispose =
of a=20
      security or interest in a security for value. An exchange of =
securities in=20
      a merger or acquisition approved by OTS is not a sale.</P>
      <P><I>Savings account </I>is any withdrawable account as defined =
in=20
      =A7561.42 of this chapter, including a demand account as defined =
in =A7561.16=20
      of this chapter.</P>
      <P><I>Solicitation </I>and <I>solicit </I>is a request for a =
proxy,=20
      whether or not accompanied by or included in a form of proxy; a =
request to=20
      execute, not execute, or revoke a proxy; or the furnishing of a =
form of=20
      proxy or other communication reasonably calculated to cause your =
members=20
      to procure, withhold, or revoke a proxy. Solicitation or solicit =
does not=20
      include providing a form of proxy at the unsolicited request of a =
member,=20
      the acts required to mail communications for members, or =
ministerial acts=20
      performed on behalf of a person soliciting a proxy.</P>
      <P><I>Subscription offering </I>is the offering of shares through=20
      nontransferable subscription rights to:</P>
      <P>(1) Eligible account holders under =A7563b.355;</P>
      <P>(2) Tax-qualified employee stock ownership plans under =
=A7563b.380;</P>
      <P>(3) Supplemental eligible account holders under =A7563b.355; =
and</P>
      <P>(4) Other voting members under =A7563b.365.</P>
      <P><I>Supplemental eligibility record date </I>is the date for =
determining=20
      supplemental eligible account holders. The supplemental =
eligibility record=20
      date is the last day of the calendar quarter before OTS approves =
your=20
      conversion and will only occur if OTS has not approved your =
conversion=20
      within 15 months after the eligibility record date.</P>
      <P><I>Supplemental eligible account holders </I>are any persons, =
except=20
      your officers, directors, and their associates, holding qualifying =

      deposits on the supplemental eligibility record date.</P>
      <P><I>Tax-qualified employee stock benefit plan </I>is any defined =
benefit=20
      plan or defined contribution plan, such as an employee stock =
ownership=20
      plan, stock bonus plan, profit-sharing plan, or other plan, and a =
related=20
      trust, that is qualified under sec. 401 of the Internal Revenue =
Code (26=20
      U.S.C. 401).</P>
      <P><I>Underwriter </I>is any person who purchases any securities =
from you=20
      with a view to distributing the securities, offers or sells =
securities for=20
      you in connection with the securities' distribution, or =
participates or=20
      has a direct or indirect participation in the direct or indirect=20
      underwriting of any such undertaking. Underwriter does not include =
a=20
      person whose interest is limited to a usual and customary =
distributor's or=20
      seller's commission from an underwriter or dealer.</P><A=20
      name=3D12:5.0.1.1.34.1>
      <H5>Subpart A=97Standard Conversions</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
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if">=20
      top</A><A name=3D12:5.0.1.1.34.1.63>
      <H5>Prior to Conversion</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A><A name=3D12:5.0.1.1.34.1.63.1>
      <H5>=A7&nbsp;563b.100&nbsp;&nbsp;&nbsp;What must I do before a=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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      top</A>
      <P>(a) Your board, or a subcommittee of your board, must meet with =
OTS=20
      before you pass your plan of conversion. The meeting may occur at =
OTS or=20
      your offices at your option. At that meeting you must provide OTS =
with a=20
      written strategic plan that outlines the objectives of the =
proposed=20
      conversion and the intended use of the conversion proceeds.</P>
      <P>(b) You should also consult with OTS before you file your =
application=20
      for conversion. OTS will discuss the information that you must =
include in=20
      the application for conversion, general issues that you may =
confront in=20
      the conversion process, and any other pertinent issues.</P><A=20
      name=3D12:5.0.1.1.34.1.63.2>
      <H5>=A7&nbsp;563b.105&nbsp;&nbsp;&nbsp;What information must I =
include in my=20
      business plan?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
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      alt=3D""=20
      =
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      top</A>
      <P>(a) Prior to filing an application for conversion, you must =
adopt a=20
      business plan reflecting your intended plans for deployment of the =

      proposed conversion proceeds. Your business plan is required, =
under=20
      =A7563b.150, to be included in your conversion application. At a =
minimum,=20
      your business plan must address:</P>
      <P>(1) Your projected operations and activities for three years =
following=20
      the conversion. You must describe how you will deploy the =
conversion=20
      proceeds at the converted savings association (and holding =
company, if=20
      applicable), what opportunities are available to reasonably =
achieve your=20
      planned deployment of conversion proceeds in your proposed market =
areas,=20
      and how your deployment will provide a reasonable return on =
investment=20
      commensurate with investment risk, investor expectations, and =
industry=20
      norms, by the final year of the business plan. You must include =
three=20
      years of projected financial statements. The business plan must =
provide=20
      that the converted savings association must retain at least 50 =
percent of=20
      the net conversion proceeds. OTS may require that a larger =
percentage of=20
      proceeds remain in the institution.</P>
      <P>(2) Your plan for deploying conversion proceeds to meet credit =
and=20
      lending needs in your proposed market areas. OTS strongly =
discourages=20
      business plans that provide for a substantial investment in =
mortgage=20
      securities or other securities, except as an interim measure to =
facilitate=20
      orderly, prudent deployment of proceeds during the three years =
following=20
      the conversion, or as part of a properly managed leverage =
strategy.</P>
      <P>(3) The risks associated with your plan for deployment of =
conversion=20
      proceeds, and the effect of this plan on management resources, =
staffing,=20
      and facilities.</P>
      <P>(4) The expertise of your management and board of directors, or =
that=20
      you have planned for adequate staffing and controls to prudently =
manage=20
      the growth, expansion, new investment, and other operations and =
activities=20
      proposed in your business plan.</P>
      <P>(b) You may not project returns of capital or special dividends =
in any=20
      part of the business plan. A newly converted company may not plan =
on stock=20
      repurchases in the first year of the business plan.</P><A=20
      name=3D12:5.0.1.1.34.1.63.3>
      <H5>=A7&nbsp;563b.110&nbsp;&nbsp;&nbsp;Who must review my business =

      plan?</H5></A><A=20
      =
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0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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      top</A>
      <P>(a) Your chief executive officer and members of the board of =
directors=20
      must review, and at least two-thirds of your board of directors =
must=20
      approve, the business plan.</P>
      <P>(b) Your chief executive officer and at least two-thirds of the =
board=20
      of directors must certify that the business plan accurately =
reflects the=20
      intended plans for deployment of conversion proceeds, and that any =
new=20
      initiatives reflected in the business plan are reasonably =
achievable. You=20
      must submit these certifications with your business plan, as part =
of your=20
      conversion application under =A7563b.150.</P><A =
name=3D12:5.0.1.1.34.1.63.4>
      <H5>=A7&nbsp;563b.115&nbsp;&nbsp;&nbsp;How will OTS review my =
business=20
      plan?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A>
      <P>(a) OTS will review your business plan to determine that it=20
      demonstrates a safe and sound deployment of conversion proceeds, =
as part=20
      of its review of your conversion application. In making its =
determination,=20
      OTS will consider how you have addressed the applicable factors of =

      =A7563b.105. No single factor will be determinative. OTS will =
review every=20
      case on its merits.</P>
      <P>(b) You must file your business plan with the Regional Office. =
OTS may=20
      request additional information, if necessary, to support its =
determination=20
      under paragraph (a) of this section. You must file your business =
plan as a=20
      confidential exhibit to the Form AC.</P>
      <P>(c) If OTS approves your application for conversion and you =
complete=20
      your conversion, you must operate within the parameters of your =
business=20
      plan. You must obtain the prior written approval of the Regional =
Director=20
      for any material deviations from your business plan.</P><A=20
      name=3D12:5.0.1.1.34.1.63.5>
      <H5>=A7&nbsp;563b.120&nbsp;&nbsp;&nbsp;May I discuss my plans to =
convert=20
      with others?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A>
      <P>(a) You may discuss information about your conversion with =
individuals=20
      that you authorize to prepare documents for your conversion.</P>
      <P>(b) Except as permitted under paragraph (a) of this section, =
you must=20
      keep all information about your conversion confidential until your =
board=20
      of directors adopts your plan of conversion.</P>
      <P>(c) If you violate this section, OTS may require you to take =
remedial=20
      action. For example, OTS may require you to take any or all of the =

      following actions:</P>
      <P>(1) Publicly announce that you are considering a =
conversion;</P>
      <P>(2) Set an eligibility record date acceptable to OTS;</P>
      <P>(3) Limit the subscription rights of any person who violates or =
aids a=20
      violation of this section; or</P>
      <P>(4) Take any other action to assure that your conversion is =
fair and=20
      equitable.</P><A name=3D12:5.0.1.1.34.1.64>
      <H5>Plan of Conversion</H5></A><A=20
      =
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0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.64.6>
      <H5>=A7&nbsp;563b.125&nbsp;&nbsp;&nbsp;Must my board of directors =
adopt a=20
      plan of conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>Prior to filing an application for conversion, your board of =
directors=20
      must adopt a plan of conversion that conforms to =A7=A7563b.320 =
through=20
      563b.485 and 563b.505. Your board of directors must adopt the plan =
by at=20
      least a two-thirds vote. Your plan of conversion is required, =
under=20
      =A7563b.150, to be included in your conversion application.</P><A=20
      name=3D12:5.0.1.1.34.1.64.7>
      <H5>=A7&nbsp;563b.130&nbsp;&nbsp;&nbsp;What must I include in my =
plan of=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You must include the information included in =A7=A7563b.320 =
through=20
      563b.485 and 563b.505 in your plan of conversion. OTS may require =
you to=20
      delete or revise any provision in your plan of conversion if OTS=20
      determines the provision is inequitable; is detrimental to you, =
your=20
      account holders, or other savings associations; or is contrary to =
public=20
      interest.</P><A name=3D12:5.0.1.1.34.1.64.8>
      <H5>=A7&nbsp;563b.135&nbsp;&nbsp;&nbsp;How do I notify my members =
that my=20
      board of directors approved a plan of conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) <I>Notice. </I>You must promptly notify your members that =
your=20
      board of directors adopted a plan of conversion and that a copy of =
the=20
      plan is available for the members' inspection in your home office =
and in=20
      your branch offices. You must mail a letter to each member or =
publish a=20
      notice in the local newspaper in every local community where you =
have an=20
      office. You may also issue a press release. OTS may require =
broader=20
      publication, if necessary, to ensure adequate notice to your =
members.</P>
      <P>(b) <I>Contents of notice. </I>You may include any of the =
following=20
      statements and descriptions in your letter, notice, or press =
release.</P>
      <P>(1) Your board of directors adopted a proposed plan to convert =
from a=20
      mutual to a stock savings institution.</P>
      <P>(2) You will send your members a proxy statement with detailed=20
      information on the proposed conversion before you convene a =
members'=20
      meeting to vote on the conversion.</P>
      <P>(3) Your members will have an opportunity to approve or =
disapprove the=20
      proposed conversion at a meeting. At least a majority of the =
eligible=20
      votes must approve the conversion.</P>
      <P>(4) You will not vote existing proxies to approve or disapprove =
the=20
      conversion. You will solicit new proxies for voting on the =
proposed=20
      conversion.</P>
      <P>(5) OTS, and in the case of a state-chartered savings =
association, the=20
      appropriate state regulator, must approve the conversion before =
the=20
      conversion will be effective. Your members will have an =
opportunity to=20
      file written comments, including objections and materials =
supporting the=20
      objections, with OTS.</P>
      <P>(6) The IRS must issue a favorable tax ruling, or a tax expert =
must=20
      issue an appropriate tax opinion, on the tax consequences of your=20
      conversion before OTS will approve the conversion. The ruling or =
opinion=20
      must indicate the conversion will be a tax-free =
reorganization.</P>
      <P>(7) OTS, and in the case of a state-chartered savings =
association, the=20
      appropriate state regulator, might not approve the conversion, and =
the IRS=20
      or a tax expert might not issue a favorable tax ruling or tax =
opinion.</P>
      <P>(8) Savings account holders will continue to hold accounts in =
the=20
      converted savings association with the same dollar amounts, rates =
of=20
      return, and general terms as existing deposits. FDIC will continue =
to=20
      insure the accounts.</P>
      <P>(9) Your conversion will not affect borrowers' loans, including =
the=20
      amount, rate, maturity, security, and other contractual terms.</P>
      <P>(10) Your business of accepting deposits and making loans will =
continue=20
      without interruption.</P>
      <P>(11) Your current management and staff will continue to conduct =
current=20
      services for depositors and borrowers under current policies and =
in=20
      existing offices.</P>
      <P>(12) You may continue to be a member of the Federal Home Loan =
Bank=20
      System.</P>
      <P>(13) You may substantively amend your proposed plan of =
conversion=20
      before the members' meeting.</P>
      <P>(14) You may terminate the proposed conversion.</P>
      <P>(15) After OTS, and in the case of a state-chartered savings=20
      association, the appropriate state regulator, approves the =
proposed=20
      conversion, you will send proxy materials providing additional=20
      information. After you send proxy materials, members may telephone =
or=20
      write to you with additional questions.</P>
      <P>(16) The proposed record date for determining the eligible =
account=20
      holders who are entitled to receive subscription rights to =
purchase your=20
      shares.</P>
      <P>(17) A brief description of the circumstances under which =
supplemental=20
      eligible account holders will receive subscription rights to =
purchase your=20
      shares.</P>
      <P>(18) A brief description of how voting members may participate =
in the=20
      conversion.</P>
      <P>(19) A brief description of how directors, officers, and =
employees will=20
      participate in the conversion.</P>
      <P>(20) A brief description of the proposed plan of =
conversion.</P>
      <P>(21) The par value (if any) and approximate number of shares =
you will=20
      issue and sell in the conversion.</P>
      <P>(c) <I>Other requirements. </I>(1) You may not solicit proxies, =
provide=20
      financial statements, describe the benefits of conversion, or =
estimate the=20
      value of your shares upon conversion in the letter, notice, or =
press=20
      release.</P>
      <P>(2) If you respond to inquiries about the conversion, you may =
address=20
      only the matters listed in paragraph (b) of this section.</P><A=20
      name=3D12:5.0.1.1.34.1.64.9>
      <H5>=A7&nbsp;563b.140&nbsp;&nbsp;&nbsp;May I amend my plan of=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You may amend your plan of conversion before you solicit =
proxies. After=20
      you solicit proxies, you may amend your plan of conversion only if =
OTS=20
      concurs.</P><A name=3D12:5.0.1.1.34.1.65>
      <H5>Filing Requirements</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.65.10>
      <H5>=A7&nbsp;563b.150&nbsp;&nbsp;&nbsp;What must I include in my =
application=20
      for conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) Your application for conversion must include all of the =
following=20
      information.</P>
      <P>(1) Your plan of conversion.</P>
      <P>(2) Pricing materials meeting the requirements of =
=A7563b.200(b).</P>
      <P>(3) Proxy soliciting materials under =A7563b.270, =
including:</P>
      <P>(i) A preliminary proxy statement with signed financial =
statements;</P>
      <P>(ii) A form of proxy meeting the requirements of =A7563b.255; =
and</P>
      <P>(iii) Any additional proxy soliciting materials, including =
press=20
      releases, personal solicitation instructions, radio or television =
scripts=20
      that you plan to use or furnish to your members, and a legal =
opinion=20
      indicating that any marketing materials comply with all applicable =

      securities laws.</P>
      <P>(4) An offering circular described in =A7563b.300.</P>
      <P>(5) The documents and information required by Form AC. You may =
obtain=20
      Form AC from OTS Washington and Regional Offices (see =A7516.40 of =
this=20
      chapter) and OTS's website ( <I>www.ots.treas.gov </I>).</P>
      <P>(6) Where indicated, written consents, signed and dated, of any =

      accountant, attorney, investment banker, appraiser, or other =
professional=20
      who prepared, reviewed, passed upon, or certified any statement, =
report,=20
      or valuation for use. <I>See </I>Form AC, instruction B(7).</P>
      <P>(7) Your business plan, submitted as a separately bound, =
confidential=20
      exhibit. <I>See </I>=A7563b.160.</P>
      <P>(8) Any additional information OTS requests.</P>
      <P>(b) OTS will not accept for filing, and will return, any =
application=20
      for conversion that is improperly executed, materially deficient,=20
      substantially incomplete, or that provides for unreasonable =
conversion=20
      expenses.</P><A name=3D12:5.0.1.1.34.1.65.11>
      <H5>=A7&nbsp;563b.155&nbsp;&nbsp;&nbsp;How do I file my =
application for=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You must file seven copies of your application for conversion =
on Form=20
      AC. You must file the original and three conformed copies with the =

      Applications Filing Room in Washington, and three conformed copies =
with=20
      the appropriate Regional Office at the addresses in =A7516.40 of =
this=20
      chapter.</P><A name=3D12:5.0.1.1.34.1.65.12>
      <H5>=A7&nbsp;563b.160&nbsp;&nbsp;&nbsp;May I keep portions of my =
application=20
      for conversion confidential?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) OTS makes all filings under this part available to the =
public, but=20
      may keep portions of your application for conversion confidential =
under=20
      paragraph (b) of this section.</P>
      <P>(b) You may request OTS to keep portions of your application=20
      confidential. To do so, you must separately bind and clearly =
designate as=20
      =93confidential=94 any portion of your application for conversion =
that you=20
      deem confidential. You must provide a written statement specifying =
the=20
      grounds supporting your request for confidentiality. OTS will not =
treat as=20
      confidential the portion of your application describing how you =
plan to=20
      meet your Community Reinvestment Act (CRA) objectives. The CRA =
portion of=20
      your application may not incorporate by reference information =
contained in=20
      the confidential portion of your application.</P>
      <P>(c) OTS will determine whether confidential information must be =
made=20
      available to the public under 5 U.S.C. 552 and part 505 of this =
chapter.=20
      OTS will advise you before it makes information you designated as=20
      =93confidential=94 available to the public.</P><A =
name=3D12:5.0.1.1.34.1.65.13>
      <H5>=A7&nbsp;563b.165&nbsp;&nbsp;&nbsp;How do I amend my =
application for=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>To amend your application for conversion, you must:</P>
      <P>(a) File an amendment with an appropriate facing sheet;</P>
      <P>(b) Number each amendment consecutively;</P>
      <P>(c) Respond to all issues raised by OTS; and</P>
      <P>(d) Demonstrate that the amendment conforms to all applicable=20
      regulations.</P><A name=3D12:5.0.1.1.34.1.66>
      <H5>Notice of Filing of Application and Comment Process</H5></A><A =

      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.66.14>
      <H5>=A7&nbsp;563b.180&nbsp;&nbsp;&nbsp;How do I notify the public =
that I=20
      filed an application for conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must publish a public notice of the application in =
accordance=20
      with the procedures in subpart B of part 516 of this chapter. You =
must=20
      simultaneously prominently post the notice in your home office and =
all=20
      branch offices.</P>
      <P>(b) Promptly after publication, you must file four copies of =
any public=20
      notice and an affidavit of publication from each publisher. You =
must file=20
      the original and one copy with the Applications Filing Room in =
Washington,=20
      and two copies with the appropriate Regional Office at the =
addresses in=20
      =A7516.40 of this chapter.</P>
      <P>(c) If OTS does not accept your application for conversion =
under=20
      =A7563b.200 and requires you to file a new application, you must =
publish and=20
      post a new notice and allow an additional 30 days for comment.</P>
      <P>[69 FR 68250, Nov. 24, 2004]</P><A =
name=3D12:5.0.1.1.34.1.66.15>
      <H5>=A7&nbsp;563b.185&nbsp;&nbsp;&nbsp;How may a person comment on =
my=20
      application for conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>Commenters may submit comments on your application in =
accordance with=20
      the procedures in subpart C of part 516 of this chapter. A =
commenter must=20
      file the original and one copy of any comments with the =
Applications=20
      Filing Room in Washington and two copies with the appropriate =
Regional=20
      Office at the addresses in =A7516.40 of this chapter.</P>
      <P>[69 FR 68250, Nov. 24, 2004]</P><A name=3D12:5.0.1.1.34.1.67>
      <H5>OTS Review of the Application for Conversion</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.67.16>
      <H5>=A7&nbsp;563b.200&nbsp;&nbsp;&nbsp;What actions may OTS take =
on my=20
      application?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) OTS may approve your application for conversion only =
if:</P>
      <P>(1) Your conversion complies with this part;</P>
      <P>(2) You will meet your regulatory capital requirements under =
part 567=20
      of this chapter after the conversion; and</P>
      <P>(3) Your conversion will not result in a taxable reorganization =
under=20
      the Internal Revenue Code of 1986, as amended.</P>
      <P>(b) OTS will review the appraisal required by =A7563b.150(a)(2) =
in=20
      determining whether to approve your application. OTS will review =
the=20
      appraisal under the following requirements.</P>
      <P>(1) Independent persons experienced and expert in corporate =
appraisal,=20
      and acceptable to OTS, must prepare the appraisal report.</P>
      <P>(2) An affiliate of the appraiser may serve as an underwriter =
or=20
      selling agent, if you ensure that the appraiser is separate from =
the=20
      underwriter or selling agent affiliate and the underwriter or =
selling=20
      agent affiliate does not make recommendations or affect the =
appraisal.</P>
      <P>(3) The appraiser may not receive any fee in connection with =
the=20
      conversion other than for appraisal services.</P>
      <P>(4) The appraisal report must include a complete and detailed=20
      description of the elements of the appraisal, a justification for =
the=20
      appraisal methodology, and sufficient support for the =
conclusions.</P>
      <P>(5) If the appraisal is based on a capitalization of your pro =
forma=20
      income, it must indicate the basis for determining the income to =
be=20
      derived from the sale of shares, and demonstrate that the earnings =

      multiple used is appropriate, including future earnings growth=20
      assumptions.</P>
      <P>(6) If the appraisal is based on a comparison of your shares =
with=20
      outstanding shares of existing stock associations, the existing =
stock=20
      associations must be reasonably comparable in size, market area,=20
      competitive conditions, risk profile, profit history, and expected =
future=20
      earnings.</P>
      <P>(7) OTS may decline to process the application for conversion =
and deem=20
      it materially deficient or substantially incomplete if the initial =

      appraisal report is materially deficient or substantially =
incomplete.</P>
      <P>(8) You may not represent or imply that OTS approved the =
appraisal.</P>
      <P>(c) OTS will review your compliance record under part 563e of =
this=20
      chapter and your business plan to determine how you will serve the =

      convenience and needs of your communities after the =
conversion.</P>
      <P>(1) Based on this review, OTS may approve your application, =
deny your=20
      application, or approve your application on the condition that you =
will=20
      improve your CRA performance or that you will address the =
particular=20
      credit or lending needs of the communities that you will =
serve.</P>
      <P>(2) OTS may deny your application if your business plan does =
not=20
      demonstrate that your proposed use of conversion proceeds will =
help you to=20
      meet the credit and lending needs of the communities that you will =

      serve.</P>
      <P>(d) OTS may request that you amend your application if further=20
      explanation is necessary, material is missing, or material must be =

      corrected.</P>
      <P>(e) OTS will deny your application if the application does not =
meet the=20
      requirements of this subpart, unless OTS waives the requirement =
under=20
      =A7563b.5(c).</P><A name=3D12:5.0.1.1.34.1.67.17>
      <H5>=A7&nbsp;563b.205&nbsp;&nbsp;&nbsp;May a court review OTS's =
final action=20
      on my conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) Any person aggrieved by OTS's final action on your =
application for=20
      conversion may ask the court of appeals of the United States for =
the=20
      circuit in which the principal office or residence of such person =
is=20
      located, or the U.S. Court of Appeals for the District of Columbia =

      Circuit, to review the action under 12 U.S.C. 1464(i)(2)(B).</P>
      <P>(b) To obtain court review of the action, this statute requires =
the=20
      aggrieved person to file a written petition requesting that the =
court=20
      modify, terminate, or set aside the final OTS action. The =
aggrieved person=20
      must file the petition with the court within the later of 30 days =
after=20
      OTS publishes notice of OTS's final action in the<E =
T=3D"04">Federal=20
      Register</E>or 30 days after you mail the proxy statement to your =
members=20
      under =A7563b.235.</P><A name=3D12:5.0.1.1.34.1.68>
      <H5>Vote by Members</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.68.18>
      <H5>=A7&nbsp;563b.225&nbsp;&nbsp;&nbsp;Must I submit the plan of =
conversion=20
      to my members for approval?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) After OTS approves your plan of conversion, you must submit =
your=20
      plan of conversion to your members for approval. You must obtain =
this=20
      approval at a meeting of your members, which may be a special or =
annual=20
      meeting, unless you are a state-chartered savings association and =
state=20
      law requires you to obtain approval at an annual meeting.</P>
      <P>(b) Your members must approve your plan of conversion by a =
majority of=20
      the total outstanding votes, unless you are a state-chartered =
savings=20
      association and state law prescribes a higher percentage.</P>
      <P>(c) Your members may vote in person or by proxy.</P>
      <P>(d) You may notify eligible account holders or supplemental =
eligible=20
      account holders who are not voting members of your proposed =
conversion.=20
      You may include only the information in =A7563b.135 in your =
notice.</P><A=20
      name=3D12:5.0.1.1.34.1.68.19>
      <H5>=A7&nbsp;563b.230&nbsp;&nbsp;&nbsp;Who is eligible to =
vote?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You determine members' eligibility to vote by setting a voting =
record=20
      date. You must set a voting record date that is not more than 60 =
days nor=20
      less than 20 days before your meeting, unless you are a =
state-chartered=20
      savings association and state law requires a different voting =
record=20
      date.</P><A name=3D12:5.0.1.1.34.1.68.20>
      <H5>=A7&nbsp;563b.235&nbsp;&nbsp;&nbsp;How must I notify my =
members of the=20
      meeting?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must notify your members of the meeting to consider =
your=20
      conversion by sending the members a proxy statement authorized by =
OTS.</P>
      <P>(b) You must notify your members 20 to 45 days before your =
meeting,=20
      unless you are a state-chartered savings association and state law =

      requires a different notice period.</P>
      <P>(c) You must also notify each beneficial holder of an account =
held in a=20
      fiduciary capacity:</P>
      <P>(1) If you are a federal association and the name of the =
beneficial=20
      holder is disclosed on your records; or</P>
      <P>(2) If you are a state-chartered association and the beneficial =
holder=20
      possesses voting rights under state law.</P><A =
name=3D12:5.0.1.1.34.1.68.21>
      <H5>=A7&nbsp;563b.240&nbsp;&nbsp;&nbsp;What must I submit to OTS =
after the=20
      members' meeting?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) Promptly after the members' meeting, you must file all of =
the=20
      following information with OTS:</P>
      <P>(1) A certified copy of each adopted resolution on the =
conversion.</P>
      <P>(2) The total votes eligible to be cast.</P>
      <P>(3) The total votes represented in person or by proxy.</P>
      <P>(4) The total votes cast in favor of and against each =
matter.</P>
      <P>(5) The percentage of votes necessary to approve each =
matter.</P>
      <P>(6) An opinion of counsel that you conducted the members' =
meeting in=20
      compliance with all applicable state or federal laws and =
regulations.</P>
      <P>(b) Promptly after completion of the conversion, you must =
submit an=20
      opinion of counsel that you complied with all laws applicable to =
the=20
      conversion.</P><A name=3D12:5.0.1.1.34.1.69>
      <H5>Proxy Solicitation</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.69.22>
      <H5>=A7&nbsp;563b.250&nbsp;&nbsp;&nbsp;Who must comply with these =
proxy=20
      solicitation provisions?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must comply with these proxy solicitation provisions =
when you=20
      provide proxy solicitation material to members for the meeting to =
vote on=20
      your plan of conversion.</P>
      <P>(b) Your members must comply with these proxy solicitation =
provisions=20
      when they provide proxy solicitation materials to members for the =
meeting=20
      to vote on your conversion, pursuant to =A7563b.280, except =
where:</P>
      <P>(1) The member solicits 50 people or fewer and does not solicit =
proxies=20
      on your behalf; or</P>
      <P>(2) The member solicits proxies through newspaper =
advertisements after=20
      your board of directors adopts the plan of conversion. Any =
newspaper=20
      advertisements may include only the following information:</P>
      <P>(i) Your name;</P>
      <P>(ii) The reason for the advertisement;</P>
      <P>(iii) The proposal or proposals to be voted upon;</P>
      <P>(iv) Where a member may obtain a copy of the proxy solicitation =

      material; and</P>
      <P>(v) A request for your members to vote at the meeting.</P><A=20
      name=3D12:5.0.1.1.34.1.69.23>
      <H5>=A7&nbsp;563b.255&nbsp;&nbsp;&nbsp;What must the form of proxy =

      include?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>The form of proxy must include all of the following:</P>
      <P>(a) A statement in bold face type stating that management is =
soliciting=20
      the proxy.</P>
      <P>(b) Blank spaces where the member must date and sign the =
proxy.</P>
      <P>(c) Clear and impartial identification of each matter or group =
of=20
      related matters that members will vote upon. You must include any =
proposed=20
      charitable contribution as an item to be voted on separately.</P>
      <P>(d) The phrase =93Revocable Proxy=94 in bold face type (at =
least 18=20
      point).</P>
      <P>(e) A description of any charter or state law requirement that=20
      restricts or conditions votes by proxy.</P>
      <P>(f) An acknowledgment that the member received a proxy =
statement before=20
      he or she signed the form of proxy.</P>
      <P>(g) The date, time, and the place of the meeting, when =
available.</P>
      <P>(h) A way for the member to specify by ballot whether he or she =

      approves or disapproves of each matter that members will vote =
upon.</P>
      <P>(i) A statement that management will vote the proxy in =
accordance with=20
      the member's specifications.</P>
      <P>(j) A statement in bold face type indicating how management =
will vote=20
      the proxy if the member does not specify a choice for a =
matter.</P><A=20
      name=3D12:5.0.1.1.34.1.69.24>
      <H5>=A7&nbsp;563b.260&nbsp;&nbsp;&nbsp;May I use previously =
executed=20
      proxies?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You may not use previously executed proxies for the plan of =
conversion=20
      vote. If members consider your plan of conversion at an annual =
meeting,=20
      you may vote proxies obtained through other proxy solicitations =
only on=20
      matters not related to your plan of conversion.</P><A=20
      name=3D12:5.0.1.1.34.1.69.25>
      <H5>=A7&nbsp;563b.265&nbsp;&nbsp;&nbsp;How may I use proxies =
executed under=20
      this part?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You may vote a proxy obtained under this part on matters that =
are=20
      incidental to the conduct of the meeting. You may not vote a proxy =

      obtained under this subpart at any meeting other than the meeting =
(or any=20
      adjournment of the meeting) to vote on your plan of =
conversion.</P><A=20
      name=3D12:5.0.1.1.34.1.69.26>
      <H5>=A7&nbsp;563b.270&nbsp;&nbsp;&nbsp;What must I include in my =
proxy=20
      statement?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) <I>Content requirements. </I>You must prepare your proxy =
statement=20
      in compliance with this part and Form PS. You may obtain Form PS =
from OTS=20
      Washington and Regional Offices (see =A7516.40 of this chapter) =
and OTS's=20
      website ( <I>http://www.ots.treas.gov </I>).</P>
      <P>(b) <I>Other requirements. </I>(1) OTS will review your proxy=20
      solicitation material when it reviews the application for =
conversion and=20
      will authorize the use of proxy solicitation material.</P>
      <P>(2) You must provide an authorized written proxy statement to =
your=20
      members before or at the same time you provide any other =
soliciting=20
      material. You must mail authorized proxy solicitation material to =
your=20
      members within ten days after OTS authorizes the =
solicitation.</P><A=20
      name=3D12:5.0.1.1.34.1.69.27>
      <H5>=A7&nbsp;563b.275&nbsp;&nbsp;&nbsp;How do I file revised proxy =

      materials?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must file revised proxy materials as an amendment to =
your=20
      application for conversion. <I>See </I>=A7563b.155 for where to =
file.</P>
      <P>(b) To revise your proxy solicitation materials, you must =
file:</P>
      <P>(1) Seven copies of your revised proxy materials as required by =
Form=20
      PS;</P>
      <P>(2) Seven copies of your revised form of proxy, if applicable; =
and</P>
      <P>(3) Seven copies of any additional proxy solicitation material =
subject=20
      to =A7563b.270.</P>
      <P>(c) You must mark four of the seven required copies to clearly =
indicate=20
      changes from the prior filing.</P>
      <P>(d) You must file seven definitive copies of all proxy =
solicitation=20
      material, in the form in which you furnish the material to your =
members.=20
      You must file no later than the date that you send or give the =
proxy=20
      solicitation material to your members. You must indicate the date =
that you=20
      will release the materials.</P>
      <P>(e) Unless OTS requests you to do so, you do not have to file =
copies of=20
      replies to inquiries from your members or copies of communications =
that=20
      merely request members to sign and return proxy forms.</P><A=20
      name=3D12:5.0.1.1.34.1.69.28>
      <H5>=A7&nbsp;563b.280&nbsp;&nbsp;&nbsp;Must I mail a member's =
proxy=20
      solicitation material?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must mail the member's authorized proxy solicitation =
material=20
      if:</P>
      <P>(1) Your board of directors adopted a plan of conversion;</P>
      <P>(2) A member requests in writing that you mail the proxy =
solicitation=20
      material;</P>
      <P>(3) OTS has authorized the member's proxy solicitation; and</P>
      <P>(4) The member agrees to defray your reasonable expenses.</P>
      <P>(b) As soon as practicable after you receive a request under =
paragraph=20
      (a) of this section, you must mail or otherwise furnish the =
following=20
      information to the member:</P>
      <P>(1) The approximate number of members that you solicited or =
will=20
      solicit, or the approximate number of members of any group of =
account=20
      holders that the member designates; and</P>
      <P>(2) The estimated cost of mailing the proxy solicitation =
material for=20
      the member.</P>
      <P>(c) You must mail authorized proxy solicitation material to the =

      designated members promptly after the member furnishes the =
materials,=20
      envelopes (or other containers), and postage (or payment for =
postage) to=20
      you.</P>
      <P>(d) You are not responsible for the content of a member's proxy =

      solicitation material.</P>
      <P>(e) A member may furnish other members its own proxy =
solicitation=20
      material, authorized by OTS, subject to the rules in this =
section.</P><A=20
      name=3D12:5.0.1.1.34.1.69.29>
      <H5>=A7&nbsp;563b.285&nbsp;&nbsp;&nbsp;What solicitations are=20
      prohibited?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) <I>False or misleading statements. </I>(1) No one may use =
proxy=20
      solicitation material for the members' meeting if the material =
contains=20
      any statement which, considering the time and the circumstances of =
the=20
      statement:</P>
      <P>(i) Is false or misleading with respect to any material =
fact;</P>
      <P>(ii) Omits any material fact that is necessary to make the =
statements=20
      not false or misleading; or</P>
      <P>(iii) Omits any material fact that is necessary to correct a =
statement=20
      in an earlier communication that has become false or =
misleading.</P>
      <P>(2) No one may represent or imply that OTS determined that the =
proxy=20
      solicitation material is accurate, complete, not false or not =
misleading,=20
      or passed upon the merits of or approved any proposal.</P>
      <P>(b) <I>Other prohibited solicitations. </I>No person may =
solicit:</P>
      <P>(1) An undated or post-dated proxy;</P>
      <P>(2) A proxy that states it will be dated after the date it is =
signed by=20
      a member;</P>
      <P>(3) A proxy that is not revocable at will by the member; or</P>
      <P>(4) A proxy that is part of another document or =
instrument.</P><A=20
      name=3D12:5.0.1.1.34.1.69.30>
      <H5>=A7&nbsp;563b.290&nbsp;&nbsp;&nbsp;What will OTS do if a =
solicitation=20
      violates these prohibitions?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) If a solicitation violates =A7563b.285, OTS may require =
remedial=20
      measures, including:</P>
      <P>(1) Correction of the violation by a retraction and a new=20
      solicitation;</P>
      <P>(2) Rescheduling the members' meeting; or</P>
      <P>(3) Any other actions necessary to ensure a fair vote.</P>
      <P>(b) OTS may also bring an enforcement action against the=20
      violator.</P><A name=3D12:5.0.1.1.34.1.69.31>
      <H5>=A7&nbsp;563b.295&nbsp;&nbsp;&nbsp;Will OTS require me to =
re-solicit=20
      proxies?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>If you amend your application for conversion, OTS may require =
you to=20
      re-solicit proxies for your members' meeting as a condition of =
approval of=20
      the amendment.</P><A name=3D12:5.0.1.1.34.1.70>
      <H5>Offering Circular</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.70.32>
      <H5>=A7&nbsp;563b.300&nbsp;&nbsp;&nbsp;What must happen before OTS =
declares=20
      my offering circular effective?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must prepare and file your offering circular with OTS =
in=20
      compliance with this part and Form OC and, where applicable, part =
563g of=20
      this chapter. Section 563b.155 governs where to file your offering =

      circular. You may obtain Form OC from OTS Washington and Regional =
Offices=20
      (see =A7516.40 of this chapter) and OTS's website (=20
      <I>http://www.ots.treas.gov </I>).</P>
      <P>(b) You must condition your stock offering upon member approval =
of your=20
      plan of conversion.</P>
      <P>(c) OTS will review the Form OC and may comment on the included =

      disclosures and financial statements.</P>
      <P>(d) You must file seven copies of each revised offering =
circular, final=20
      offering circular, and any post-effective amendment to the final =
offering=20
      circular.</P>
      <P>(e) OTS will not approve the adequacy or accuracy of the =
offering=20
      circular or the disclosures.</P>
      <P>(f) After you satisfactorily address OTS's concerns, you must =
request=20
      OTS to declare your Form OC effective for a time period. The time =
period=20
      may not exceed the maximum time period for the completion of the =
sale of=20
      all of your shares under =A7563b.400.</P><A =
name=3D12:5.0.1.1.34.1.70.33>
      <H5>=A7&nbsp;563b.305&nbsp;&nbsp;&nbsp;When may I distribute the =
offering=20
      circular?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You may distribute a preliminary offering circular at the =
same time=20
      as or after you mail the proxy statement to your members.</P>
      <P>(b) You may not distribute an offering circular until OTS =
declares it=20
      effective. You must distribute the offering circular in accordance =
with=20
      this part.</P>
      <P>(c) You must distribute your offering circular to persons =
listed in=20
      your plan of conversion within 10 days after OTS declares it=20
      effective.</P><A name=3D12:5.0.1.1.34.1.70.34>
      <H5>=A7&nbsp;563b.310&nbsp;&nbsp;&nbsp;When must I file a =
post-effective=20
      amendment to the offering circular?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must file a post-effective amendment to the offering =
circular=20
      with OTS when a material event or change of circumstance =
occurs.</P>
      <P>(b) After OTS declares the post-effective amendment effective, =
you must=20
      immediately deliver the amendment to each person who subscribed =
for or=20
      ordered shares in the offering.</P>
      <P>(c) Your post-effective amendment must indicate that each =
person may=20
      increase, decrease, or rescind their subscription or order.</P>
      <P>(d) The post-effective offering period must remain open no less =
than 10=20
      days nor more than 20 days, unless OTS approves a longer =
rescission=20
      period.</P><A name=3D12:5.0.1.1.34.1.71>
      <H5>Offers and Sales of Stock</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.71.35>
      <H5>=A7&nbsp;563b.320&nbsp;&nbsp;&nbsp;Who has priority to =
purchase my=20
      conversion shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You must offer to sell your shares in the following order:</P>
      <P>(a) Eligible account holders.</P>
      <P>(b) Tax-qualified employee stock ownership plans.</P>
      <P>(c) Supplemental eligible account holders.</P>
      <P>(d) Other voting members who have subscription rights.</P>
      <P>(e) Your community, your community and the general public, or =
the=20
      general public.</P><A name=3D12:5.0.1.1.34.1.71.36>
      <H5>=A7&nbsp;563b.325&nbsp;&nbsp;&nbsp;When may I offer to sell my =

      conversion shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You may offer to sell your conversion shares after OTS =
approves=20
      your conversion, authorizes your proxy statement, and declares =
your=20
      offering circular effective.</P>
      <P>(b) The offer may commence at the same time you start the proxy =

      solicitation of your members.</P><A name=3D12:5.0.1.1.34.1.71.37>
      <H5>=A7&nbsp;563b.330&nbsp;&nbsp;&nbsp;How do I price my =
conversion=20
      shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must sell your conversion shares at a uniform price per =
share=20
      and at a total price that is equal to the estimated pro forma =
market value=20
      of your shares after you convert.</P>
      <P>(b) The maximum price must be no more than 15 percent above the =

      midpoint of the estimated price range in your offering =
circular.</P>
      <P>(c) The minimum price must be no more than 15 percent below the =

      midpoint of the estimated price range in your offering =
circular.</P>
      <P>(d) If OTS permits, you may increase the maximum price of =
conversion=20
      shares sold. The maximum price, as adjusted, must be no more than =
15=20
      percent above the maximum price computed under paragraph (b) of =
this=20
      section.</P>
      <P>(e) The maximum price must be between $5 and $50 per share.</P>
      <P>(f) You must include the estimated price in any preliminary =
offering=20
      circular.</P><A name=3D12:5.0.1.1.34.1.71.38>
      <H5>=A7&nbsp;563b.335&nbsp;&nbsp;&nbsp;How do I sell my conversion =

      shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must distribute order forms to all eligible account =
holders,=20
      supplemental eligible account holders, and other voting members to =
enable=20
      them to subscribe for the conversion shares they are permitted =
under the=20
      plan of conversion. You may either send the order forms with your =
offering=20
      circular or after you distribute your offering circular.</P>
      <P>(b) You may sell your conversion shares in a community =
offering, a=20
      public offering, or both. You may begin the community offering, =
the public=20
      offering, or both at any time during the subscription offering or =
upon=20
      conclusion of the subscription offering.</P>
      <P>(c) You may pay underwriting commissions (including =
underwriting=20
      discounts). OTS may object to the payment of unreasonable =
commissions. You=20
      may reimburse an underwriter for accountable expenses in a =
subscription=20
      offering if the public offering is limited. If no public offering =
occurs,=20
      you may pay an underwriter a consulting fee. OTS may object to the =
payment=20
      of unreasonable consulting fees.</P>
      <P>(d) If you conduct the community offering, the public offering, =
or both=20
      at the same time as the subscription offering, you must fill all=20
      subscription orders first.</P>
      <P>(e) You must prepare your order form in compliance with this =
part and=20
      Form OF. You may obtain Form OF from OTS Washington and Regional =
Offices=20
      (see =A7516.40 of this chapter) and OTS's website (=20
      <I>http://www.ots.treas.gov </I>).</P><A =
name=3D12:5.0.1.1.34.1.71.39>
      <H5>=A7&nbsp;563b.340&nbsp;&nbsp;&nbsp;What sales practices are=20
      prohibited?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) In connection with offers, sales, or purchases of =
conversion shares=20
      under this part, you and your directors, officers, agents, or =
employees=20
      may not:</P>
      <P>(1) Employ any device, scheme, or artifice to defraud;</P>
      <P>(2) Obtain money or property by means of any untrue statement =
of a=20
      material fact or any omission of a material fact necessary to make =
the=20
      statements, in light of the circumstances under which they were =
made, not=20
      misleading; or</P>
      <P>(3) Engage in any act, transaction, practice, or course of =
business=20
      that operates or would operate as a fraud or deceit upon a =
purchaser or=20
      seller.</P>
      <P>(b) During your conversion, no person may:</P>
      <P>(1) Transfer, or enter into any agreement or understanding to =
transfer,=20
      the legal or beneficial ownership of subscription rights for your=20
      conversion shares or the underlying securities to the account of=20
      another;</P>
      <P>(2) Make any offer, or any announcement of an offer, to =
purchase any of=20
      your conversion shares from anyone but you; or</P>
      <P>(3) Knowingly acquire more than the maximum purchase allowable =
under=20
      your plan of conversion.</P>
      <P>(c) The restrictions in paragraphs (b)(1) and (b)(2) of this =
section do=20
      not apply to offers for more than 10 percent of any class of =
conversion=20
      shares by:</P>
      <P>(1) An underwriter or a selling group, acting on your behalf, =
that=20
      makes the offer with a view toward public resale; or</P>
      <P>(2) One or more of your tax-qualified employee stock ownership =
plans so=20
      long as the plan or plans do not beneficially own more than 25 =
percent of=20
      any class of your equity securities in the aggregate.</P>
      <P>(d) If any person is found to have violated the restrictions in =

      paragraphs (b)(1) and (b)(2) of this section, they may face =
prosecution or=20
      other legal action.</P><A name=3D12:5.0.1.1.34.1.71.40>
      <H5>=A7&nbsp;563b.345&nbsp;&nbsp;&nbsp;How may a subscriber pay =
for my=20
      conversion shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) A subscriber may purchase conversion shares with cash, by a =

      withdrawal from a savings account, or a withdrawal from a =
certificate of=20
      deposit. If a subscriber purchases shares by a withdrawal from a=20
      certificate of deposit, you may not assess a penalty for the=20
      withdrawal.</P>
      <P>(b) You may not extend credit to any person to purchase your =
conversion=20
      shares.</P><A name=3D12:5.0.1.1.34.1.71.41>
      <H5>=A7&nbsp;563b.350&nbsp;&nbsp;&nbsp;Must I pay interest on =
payments for=20
      conversion shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must pay interest from the date you receive a payment =
for=20
      conversion shares until the date you complete or terminate the =
conversion.=20
      You must pay interest at no less than your passbook rate for =
amounts paid=20
      in cash, check, or money order.</P>
      <P>(b) If a subscriber withdraws money from a savings account to =
purchase=20
      conversion shares, you must pay interest on the payment until you =
complete=20
      or terminate the conversion as if the withdrawn amount remained in =
the=20
      account.</P>
      <P>(c) If a depositor fails to maintain the applicable minimum =
balance=20
      requirement because he or she withdraws money from a certificate =
of=20
      deposit to purchase conversion shares, you may cancel the =
certificate and=20
      pay interest at no less than your passbook rate on any remaining=20
      balance.</P><A name=3D12:5.0.1.1.34.1.71.42>
      <H5>=A7&nbsp;563b.355&nbsp;&nbsp;&nbsp;What subscription rights =
must I give=20
      to each eligible account holder and each supplemental eligible =
account=20
      holder?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must give each eligible account holder subscription =
rights to=20
      purchase conversion shares in an amount equal to the greater =
of:</P>
      <P>(1) The maximum purchase limitation established for the =
community=20
      offering or the public offering under =A7563b.395;</P>
      <P>(2) One-tenth of one percent of the total stock offering; =
or</P>
      <P>(3) Fifteen times the following number: The total number of =
conversion=20
      shares that you will issue, multiplied by the following fraction. =
The=20
      numerator is the total qualifying deposit of the eligible account =
holder.=20
      The denominator is the total qualifying deposits of all eligible =
account=20
      holders. You must round down the product of this multiplied =
fraction to=20
      the next whole number.</P>
      <P>(b) You must give subscription rights to purchase shares to =
each=20
      supplemental eligible account holder in the same amount as =
described in=20
      paragraph (a) of this section, except that you must compute the =
fraction=20
      described in paragraph (a)(3) of this section as follows: The =
numerator is=20
      the total qualifying deposit of the supplemental eligible account =
holder.=20
      The denominator is the total qualifying deposits of all =
supplemental=20
      eligible account holders.</P><A name=3D12:5.0.1.1.34.1.71.43>
      <H5>=A7&nbsp;563b.360&nbsp;&nbsp;&nbsp;Are my officers, directors, =
and their=20
      associates eligible account holders?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>Your officers, directors, and their associates may be eligible =
account=20
      holders. However, if an officer, director, or his or her associate =

      receives subscription rights based on increased deposits in the =
year=20
      before the eligibility record date, you must subordinate =
subscription=20
      rights for these deposits to subscription rights exercised by =
other=20
      eligible account holders.</P><A name=3D12:5.0.1.1.34.1.71.44>
      <H5>=A7&nbsp;563b.365&nbsp;&nbsp;&nbsp;May other voting members =
purchase=20
      conversion shares in the conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must give rights to purchase your conversion shares in =
the=20
      conversion to voting members who are neither eligible account =
holders nor=20
      supplemental eligible account holders. You must allocate rights to =
each=20
      voting member that are equal to the greater of:</P>
      <P>(1) The maximum purchase limitation established for the =
community=20
      offering and the public offering under =A7563b.395; or</P>
      <P>(2) One-tenth of one percent of the total stock offering.</P>
      <P>(b) You must subordinate the voting members' rights to the =
rights of=20
      eligible account holders, tax-qualified employee stock ownership =
plans,=20
      and supplemental eligible account holders.</P><A=20
      name=3D12:5.0.1.1.34.1.71.45>
      <H5>=A7&nbsp;563b.370&nbsp;&nbsp;&nbsp;Does OTS limit the =
aggregate=20
      purchases by officers, directors, and their associates?</H5></A><A =

      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) When you convert, your officers, directors, and their =
associates=20
      may not purchase, in the aggregate, more than the following =
percentage of=20
      your total stock offering:</P>
      <STYLE type=3Dtext/css>.hang {
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      <DIV width=3D"100%">
      <DIV class=3Dtable_div>
      <TABLE cellSpacing=3D1 cellPadding=3D1 width=3D"100%" border=3D1 =
frame=3Dvoid>
        <TBODY>
        <TR>
          <TH class=3Dtable_colhed scope=3Dcol>Institution size</TH>
          <TH class=3Dtable_colhed scope=3Dcol>Officer and director =
purchases=20
            (percent)</TH></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow align=3Dleft>$50,000,000 or =
less</TD>
          <TD class=3Dtable_cell align=3Dright>35</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow =
align=3Dleft>$50,000,001=96100,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>34</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$100,000,001=96150,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>33</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$150,000,001=96200,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>32</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$200,000,001=96250,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>31</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$250,000,001=96300,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>30</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$300,000,001=96350,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>29</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$350,000,001=96400,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>28</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$400,000,001=96450,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>27</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow=20
align=3Dleft>$450,000,001=96500,000,000</TD>
          <TD class=3Dtable_cell align=3Dright>26</TD></TR>
        <TR>
          <TD class=3Dtable_cell scope=3Drow align=3Dleft>Over =
$500,000,000</TD>
          <TD class=3Dtable_cell =
align=3Dright>25</TD></TR></TBODY></TABLE></DIV></DIV>
      <P>(b) The purchase limitations in this section do not apply to =
shares=20
      held in tax-qualified employee stock benefit plans that are =
attributable=20
      to your officers, directors, and their associates.</P><A=20
      name=3D12:5.0.1.1.34.1.71.46>
      <H5>=A7&nbsp;563b.375&nbsp;&nbsp;&nbsp;How do I allocate my =
conversion=20
      shares if my shares are oversubscribed?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) If your conversion shares are oversubscribed by your =
eligible=20
      account holders, you must allocate shares among the eligible =
account=20
      holders so that each, to the extent possible, may purchase 100 =
shares.</P>
      <P>(b) If your conversion shares are oversubscribed by your =
supplemental=20
      eligible account holders, you must allocate shares among the =
supplemental=20
      eligible account holders so that each, to the extent possible, may =

      purchase 100 shares.</P>
      <P>(c) If a person is an eligible account holder and a =
supplemental=20
      eligible account holder, you must include the eligible account =
holder's=20
      allocation in determining the number of conversion shares that you =
may=20
      allocate to the person as a supplemental eligible account =
holder.</P>
      <P>(d) For conversion shares that you do not allocate under =
paragraphs (a)=20
      and (b) of this section, you must allocate the shares among the =
eligible=20
      or supplemental eligible account holders equitably, based on the =
amounts=20
      of qualifying deposits. You must describe this method of =
allocation in=20
      your plan of conversion.</P>
      <P>(e) If shares remain after you have allocated shares as =
provided in=20
      paragraphs (a) and (b) of this section, and if your voting members =

      oversubscribe, you must allocate your conversion shares among =
those=20
      members equitably. You must describe the method of allocation in =
your plan=20
      of conversion.</P><A name=3D12:5.0.1.1.34.1.71.47>
      <H5>=A7&nbsp;563b.380&nbsp;&nbsp;&nbsp;May my employee stock =
ownership plan=20
      purchase conversion shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) Your tax-qualified employee stock ownership plan may =
purchase up to=20
      10 percent of the total offering of your conversion shares.</P>
      <P>(b) If OTS approves a revised stock valuation range as =
described in=20
      =A7563b.330(e), and the final conversion stock valuation range =
exceeds the=20
      former maximum stock offering range, you may allocate conversion =
shares to=20
      your tax-qualified employee stock ownership plan, up to the 10 =
percent=20
      limit in paragraph (a) of this section.</P>
      <P>(c) If your tax-qualified employee stock ownership plan is not =
able to=20
      or chooses not to purchase stock in the offering, it may, with =
prior OTS=20
      approval and appropriate disclosure in your offering circular, =
purchase=20
      stock in the open market, or purchase authorized but unissued =
conversion=20
      shares.</P>
      <P>(d) You may include stock contributed to a charitable =
organization in=20
      the conversion in the calculation of the total offering of =
conversion=20
      shares under paragraphs (a) and (b) of this section, unless OTS =
objects on=20
      supervisory grounds.</P><A name=3D12:5.0.1.1.34.1.71.48>
      <H5>=A7&nbsp;563b.385&nbsp;&nbsp;&nbsp;May I impose any purchase=20
      limitations?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You may limit the number of shares that any person, group =
of=20
      associated persons, or persons otherwise acting in concert, may =
subscribe=20
      to up to five percent of the total stock sold.</P>
      <P>(b) If you set a limit of five percent under paragraph (a) of =
this=20
      section, you may modify that limit with OTS approval to provide =
that any=20
      person, group of associated persons, or persons otherwise acting =
in=20
      concert subscribing for five percent, may purchase between five =
and ten=20
      percent as long as the aggregate amount that the subscribers =
purchase does=20
      not exceed 10 percent of the total stock offering.</P>
      <P>(c) You may require persons exercising subscription rights to =
purchase=20
      a minimum number of conversion shares. The minimum number of =
shares must=20
      equal the lesser of the number of shares obtained by a $500 =
subscription=20
      or 25 shares.</P>
      <P>(d) In setting purchase limitations under this section, you may =
not=20
      aggregate conversion shares attributed to a person in your =
tax-qualified=20
      employee stock ownership plan with shares purchased directly by, =
or=20
      otherwise attributable to, that person.</P>
      <P>[67 FR 52020, Aug. 9, 2002, as amended at 72 FR 35149, June 27, =

      2007]</P><A name=3D12:5.0.1.1.34.1.71.49>
      <H5>=A7&nbsp;563b.390&nbsp;&nbsp;&nbsp;Must I provide a purchase =
preference=20
      to persons in my local community?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) In your subscription offering, you may give a purchase =
preference=20
      to eligible account holders, supplemental eligible account =
holders, and=20
      voting members residing in your local community.</P>
      <P>(b) In your community offering, you must give a purchase =
preference to=20
      natural persons residing in your local community.</P><A=20
      name=3D12:5.0.1.1.34.1.71.50>
      <H5>=A7&nbsp;563b.395&nbsp;&nbsp;&nbsp;What other conditions apply =
when I=20
      offer conversion shares in a community offering, a public =
offering, or=20
      both?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must offer and sell your stock to achieve a widespread=20
      distribution of the stock.</P>
      <P>(b) If you offer shares in a community offering, a public =
offering, or=20
      both, you must first fill orders for your stock up to a maximum of =
two=20
      percent of the conversion stock on a basis that will promote a =
widespread=20
      distribution of stock. You must allocate any remaining shares on =
an equal=20
      number of shares per order basis until you fill all orders.</P><A=20
      name=3D12:5.0.1.1.34.1.72>
      <H5>Completion of the Offering</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.72.51>
      <H5>=A7&nbsp;563b.400&nbsp;&nbsp;&nbsp;When must I complete the =
sale of my=20
      stock?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You must complete all sales of your stock within 45 calendar =
days after=20
      the last day of the subscription period, unless the offering is =
extended=20
      under =A7563b.405.</P><A name=3D12:5.0.1.1.34.1.72.52>
      <H5>=A7&nbsp;563b.405&nbsp;&nbsp;&nbsp;How do I extend the =
offering=20
      period?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must request, in writing, an extension of any offering=20
      period.</P>
      <P>(b) OTS may grant extensions of time to sell your shares. OTS =
will not=20
      grant any single extension of more than 90 days.</P>
      <P>(c) If OTS grants your request for an extension of time, you =
must=20
      provide a post-effective amendment to the offering circular under=20
      =A7563b.310 to each person who subscribed for or ordered stock. =
Your=20
      amendment must indicate that OTS extended the offering period and =
that=20
      each person who subscribed for or ordered stock may increase, =
decrease, or=20
      rescind their subscription or order within the time remaining in =
the=20
      extension period.</P><A name=3D12:5.0.1.1.34.1.73>
      <H5>Completion of the Conversion</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.73.53>
      <H5>=A7&nbsp;563b.420&nbsp;&nbsp;&nbsp;When must I complete my=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) In your plan of conversion, you must set a date by which =
the=20
      conversion must be completed. This date must not be more than 24 =
months=20
      from the date that your members approve the plan of conversion. =
The date,=20
      once set, may not be extended by you or by OTS. You must terminate =
the=20
      conversion if it is not completed by that date.</P>
      <P>(b) Your conversion is complete on the date that you accept the =
offers=20
      for your stock.</P><A name=3D12:5.0.1.1.34.1.73.54>
      <H5>=A7&nbsp;563b.425&nbsp;&nbsp;&nbsp;Who may terminate the=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) Your members may terminate the conversion by failing to =
approve the=20
      conversion at your members' meeting.</P>
      <P>(b) You may terminate the conversion before your members' =
meeting.</P>
      <P>(c) You may terminate the conversion after the members' meeting =
only if=20
      OTS concurs.</P><A name=3D12:5.0.1.1.34.1.73.55>
      <H5>=A7&nbsp;563b.430&nbsp;&nbsp;&nbsp;What happens to my old=20
      charter?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) If you are a federally chartered mutual savings association =
or=20
      savings bank, and you convert to a federally chartered stock =
savings=20
      association or savings bank, you must apply to OTS to amend your =
charter=20
      and bylaws consistent with part 552 of this chapter, as part of =
your=20
      application for conversion. You may only include OTS pre-approved=20
      anti-takeover provisions in your amended charter and bylaws. =
<I>See </I>12=20
      CFR 552.4(b)(8).</P>
      <P>(b) If you are a federally chartered mutual savings association =
or=20
      savings bank and you convert to a state-chartered stock savings=20
      association under this part, you must surrender your federal =
charter to=20
      OTS for cancellation promptly after the state issues your charter. =
You=20
      must promptly file a copy of your new state stock charter with =
OTS.</P>
      <P>(c) If you are a state-chartered mutual savings association or =
savings=20
      bank, and you convert to a federally chartered stock savings =
association=20
      or savings bank, you must apply to OTS for a new charter and =
bylaws=20
      consistent with part 552 of this chapter. You may only include OTS =

      pre-approved anti-takeover provisions in your charter and bylaws. =
See 12=20
      CFR 552.4(b)(8).</P>
      <P>(d) Your new or amended charter must require you to establish =
and=20
      maintain a liquidation account for eligible and supplemental =
eligible=20
      account holders under =A7563b.450.</P><A =
name=3D12:5.0.1.1.34.1.73.56>
      <H5>=A7&nbsp;563b.435&nbsp;&nbsp;&nbsp;What happens to my =
corporate=20
      existence after conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>Your corporate existence will continue following your =
conversion,=20
      unless you convert to a state-chartered stock savings association =
and=20
      state law prescribes otherwise.</P><A =
name=3D12:5.0.1.1.34.1.73.57>
      <H5>=A7&nbsp;563b.440&nbsp;&nbsp;&nbsp;What voting rights must I =
provide to=20
      stockholders after the conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You must provide your stockholders with exclusive voting =
rights, except=20
      as provided in =A7563b.445(c).</P><A name=3D12:5.0.1.1.34.1.73.58>
      <H5>=A7&nbsp;563b.445&nbsp;&nbsp;&nbsp;What must I provide my =
savings=20
      account holders?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must provide each savings account holder, without =
payment, a=20
      withdrawable savings account or accounts in the same amount and =
under the=20
      same terms and conditions as their accounts before your =
conversion.</P>
      <P>(b) You must provide a liquidation account for each eligible =
and=20
      supplemental eligible account holder under =A7563b.450.</P>
      <P>(c) If you are a state-chartered savings association and state =
law=20
      requires you to provide voting rights to savings account holders =
or=20
      borrowers, your charter must:</P>
      <P>(1) Limit these voting rights to the minimum required by state =
law;=20
      and</P>
      <P>(2) Require you to solicit proxies from the savings account =
holders and=20
      borrowers in the same manner that you solicit proxies from your=20
      stockholders.</P><A name=3D12:5.0.1.1.34.1.74>
      <H5>Liquidation Account</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.74.59>
      <H5>=A7&nbsp;563b.450&nbsp;&nbsp;&nbsp;What is a liquidation=20
      account?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) A liquidation account represents the potential interest of =
eligible=20
      account holders and supplemental eligible account holders in your =
net=20
      worth at the time of conversion. You must maintain a sub-account =
to=20
      reflect the interest of each account holder.</P>
      <P>(b) Before you may provide a liquidation distribution to common =

      stockholders, you must give a liquidation distribution to those =
eligible=20
      account holders and supplemental eligible account holders who hold =
savings=20
      accounts from the time of conversion until liquidation.</P>
      <P>(c) You may not record the liquidation account in your =
financial=20
      statements. You must disclose the liquidation account in the =
footnotes to=20
      your financial statements.</P><A name=3D12:5.0.1.1.34.1.74.60>
      <H5>=A7&nbsp;563b.455&nbsp;&nbsp;&nbsp;What is the initial balance =
of the=20
      liquidation account?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>The initial balance of the liquidation account is your net =
worth in the=20
      statement of financial condition included in the final offering=20
      circular.</P><A name=3D12:5.0.1.1.34.1.74.61>
      <H5>=A7&nbsp;563b.460&nbsp;&nbsp;&nbsp;How do I determine the =
initial=20
      balances of liquidation sub-accounts?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a)(1) You determine the initial sub-account balance for a =
savings=20
      account held by an eligible account holder by multiplying the =
initial=20
      balance of the liquidation account by the following fraction: The=20
      numerator is the qualifying deposit in the savings account =
expressed in=20
      dollars on the eligibility record date. The denominator is total=20
      qualifying deposits of all eligible account holders on that =
date.</P>
      <P>(2) You determine the initial sub-account balance for a savings =
account=20
      held by a supplemental eligible account holder by multiplying the =
initial=20
      balance of the liquidation account by the following fraction: The=20
      numerator is the qualifying deposit in the savings account =
expressed in=20
      dollars on the supplemental eligibility record date. The =
denominator is=20
      total qualifying deposits of all supplemental eligible account =
holders on=20
      that date.</P>
      <P>(3) If an account holder holds a savings account on the =
eligibility=20
      record date and a separate savings account on the supplemental =
eligibility=20
      record date, you must compute separate sub-accounts for the =
qualifying=20
      deposits in the savings account on each record date.</P>
      <P>(b) You may not increase the initial sub-account balances. You =
must=20
      decrease the initial balance under =A7563b.470 as depositors =
reduce or close=20
      their accounts.</P><A name=3D12:5.0.1.1.34.1.74.62>
      <H5>=A7&nbsp;563b.465&nbsp;&nbsp;&nbsp;Do account holders retain =
any voting=20
      rights based on their liquidation sub-accounts?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>Eligible account holders or supplemental eligible account =
holders do=20
      not retain any voting rights based on their liquidation=20
      sub-accounts.</P><A name=3D12:5.0.1.1.34.1.74.63>
      <H5>=A7&nbsp;563b.470&nbsp;&nbsp;&nbsp;Must I adjust liquidation=20
      sub-accounts?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a)(1) You must reduce the balance of an eligible account =
holder's or=20
      supplemental eligible account holder's sub-account if the deposit =
balance=20
      in the account holder's savings account at the close of business =
on any=20
      annual closing date, which for purposes of this section is your =
fiscal=20
      year end, after the relevant eligibility record dates is less =
than:</P>
      <P>(i) The deposit balance in the account holder's savings account =
at the=20
      close of business on any other annual closing date after the =
relevant=20
      eligibility record date; or</P>
      <P>(ii) The qualifying deposits in the account holder's savings =
account on=20
      the relevant eligibility record date.</P>
      <P>(2) The reduction must be proportionate to the reduction in the =
deposit=20
      balance.</P>
      <P>(b) If you reduce the balance of a liquidation sub-account, you =
may not=20
      subsequently increase it if the deposit balance increases.</P>
      <P>(c) You are not required to adjust the liquidation account and=20
      sub-account balances at each annual closing date if you maintain=20
      sufficient records to make the computations if a liquidation =
subsequently=20
      occurs.</P>
      <P>(d) You must maintain the liquidation sub-account for each =
account=20
      holder as long as the account holder maintains an account with the =
same=20
      social security number.</P>
      <P>(e) If there is a complete liquidation, you must provide each =
account=20
      holder with a liquidation distribution in the amount of the =
sub-account=20
      balance.</P><A name=3D12:5.0.1.1.34.1.74.64>
      <H5>=A7&nbsp;563b.475&nbsp;&nbsp;&nbsp;What is a =
liquidation?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) A liquidation is a sale of your assets and settlement of =
your=20
      liabilities with the intent to cease operations and close. Upon=20
      liquidation, you must return your charter to the governmental =
agency that=20
      issued it. The government agency must cancel your charter.</P>
      <P>(b) A merger, consolidation, or similar combination or =
transaction with=20
      another depository institution, is not a liquidation. If you are =
involved=20
      in such a transaction, the surviving institution must assume the=20
      liquidation account.</P><A name=3D12:5.0.1.1.34.1.74.65>
      <H5>=A7&nbsp;563b.480&nbsp;&nbsp;&nbsp;Does the liquidation =
account affect=20
      my net worth?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>The liquidation account does not affect your net worth.</P><A=20
      name=3D12:5.0.1.1.34.1.74.66>
      <H5>=A7&nbsp;563b.485&nbsp;&nbsp;&nbsp;What provision must I =
include in my=20
      new federal charter?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>If you convert to federal stock form, you must include the =
following=20
      provision in your new charter: =93Liquidation Account. Under OTS=20
      regulations, the association must establish and maintain a =
liquidation=20
      account for the benefit of its savings account holders as of =
_____. If the=20
      association undergoes a complete liquidation, it must comply with =
OTS=20
      regulations with respect to the amount and priorities on =
liquidation of=20
      each of the savings account holder's interests in the liquidation =
account.=20
      A savings account holder's interest in the liquidation account =
does not=20
      entitle the savings account holder to any voting rights.=94</P><A=20
      name=3D12:5.0.1.1.34.1.75>
      <H5>Post-Conversion</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.1.75.67>
      <H5>=A7&nbsp;563b.500.&nbsp;&nbsp;&nbsp;What management stock =
benefit plans=20
      may I implement?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) During the 12 months after your conversion, you may =
implement a=20
      stock option plan (Option Plan), an employee stock ownership plan =
or other=20
      tax-qualified employee stock benefit plan (collectively, ESOP), =
and a=20
      management recognition plan (MRP), provided you meet all of the =
following=20
      requirements.</P>
      <P>(1) You disclose the plans in your proxy statement and offering =

      circular and indicate in your offering circular that there will be =
a=20
      separate shareholder vote on the Option Plan and the MRP at least =
six=20
      months after the conversion. No shareholder vote is required to =
implement=20
      the ESOP. Your ESOP must be tax-qualified.</P>
      <P>(2) Your Option Plan does not encompass more than ten percent =
of the=20
      number of shares that you issued in the conversion.</P>
      <P>(3)(i) Your ESOP and MRP do not encompass, in the aggregate, =
more than=20
      ten percent of the number of shares that you issued in the =
conversion. If=20
      you have tangible capital of ten percent or more following the =
conversion,=20
      OTS may permit your ESOP and MRP to encompass, in the aggregate, =
up to 12=20
      percent of the number of shares issued in the conversion; and</P>
      <P>(ii) Your MRP does not encompass more than three percent of the =
number=20
      of shares that you issued in the conversion. If you have tangible =
capital=20
      of ten percent or more after the conversion, OTS may permit your =
MRP to=20
      encompass up to four percent of the number of shares that you =
issued in=20
      the conversion.</P>
      <P>(4) No individual receives more than 25 percent of the shares =
under any=20
      plan.</P>
      <P>(5) Your directors who are not your officers do not receive =
more than=20
      five percent of the shares of your MRP or Option Plan =
individually, or 30=20
      percent of any such plan in the aggregate.</P>
      <P>(6) Your shareholders approve each of the Option Plan and the =
MRP by a=20
      majority of the total votes eligible to be cast at a duly called =
meeting=20
      before you establish or implement the plan. You may not hold this =
meeting=20
      until six months after your conversion.</P>
      <P>(7) When you distribute proxies or related material to =
shareholders in=20
      connection with the vote on a plan, you state that the plan =
complies with=20
      OTS regulations and that OTS does not endorse or approve the plan =
in any=20
      way. You may not make any written or oral representations to the=20
      contrary.</P>
      <P>(8) You do not grant stock options at less than the market =
price at the=20
      time of grant.</P>
      <P>(9) You do not fund the Option Plan or the MRP at the time of =
the=20
      conversion.</P>
      <P>(10) Your plan does not begin to vest earlier than one year =
after=20
      shareholders approve the plan, and does not vest at a rate =
exceeding 20=20
      percent per year.</P>
      <P>(11) Your plan permits accelerated vesting only for disability =
or=20
      death, or if you undergo a change of control.</P>
      <P>(12) Your plan provides that your executive officers or =
directors must=20
      exercise or forfeit their options in the event the institution =
becomes=20
      critically undercapitalized (as defined in =A7565.4 of this =
chapter), is=20
      subject to OTS enforcement action, or receives a capital directive =
under=20
      =A7565.7 of this chapter.</P>
      <P>(13) You file a copy of the proposed Option Plan or MRP with =
OTS and=20
      certify to OTS that the plan approved by the shareholders is the =
same plan=20
      that you filed with, and disclosed in, the proxy materials =
distributed to=20
      shareholders in connection with the vote on the plan.</P>
      <P>(14) You file the plan and the certification with OTS within =
five=20
      calendar days after your shareholders approve the plan.</P>
      <P>(b) You may provide dividend equivalent rights or dividend =
adjustment=20
      rights to allow for stock splits or other adjustments to your =
stock in=20
      your ESOP, MRP, and Option Plan.</P>
      <P>(c) The restrictions in paragraph (a) of this section do not =
apply to=20
      plans implemented more than 12 months after the conversion, =
provided that=20
      materials pertaining to any shareholder vote regarding such plans =
are not=20
      distributed within the 12 months after the conversion. If a plan =
adopted=20
      in conformity with paragraph (a) of this section is amended more =
than 12=20
      months following your conversion, your shareholders must ratify =
any=20
      material deviations to the requirements in paragraph (a).</P>
      <P>[72 FR 35149, June 27, 2007]</P><A =
name=3D12:5.0.1.1.34.1.75.68>
      <H5>=A7&nbsp;563b.505&nbsp;&nbsp;&nbsp;May my directors, officers, =
and their=20
      associates freely trade shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) Directors and officers who purchase conversion shares may =
not sell=20
      the shares for one year after the date of purchase, except that in =
the=20
      event of the death of the officer or director, the successor in =
interest=20
      may sell the shares.</P>
      <P>(b) You must include notice of the restriction described in =
paragraph=20
      (a) of this section on each certificate of stock that a director =
or=20
      officer purchases during the conversion or receives in connection =
with a=20
      stock dividend, stock split, or otherwise with respect to such =
restricted=20
      shares.</P>
      <P>(c) You must instruct your stock transfer agent about the =
transfer=20
      restrictions in this section.</P>
      <P>(d) For three years after you convert, your officers, =
directors, and=20
      their associates may purchase your stock only from a broker or =
dealer=20
      registered with the Securities and Exchange Commission. However, =
your=20
      officers, directors, and their associates may engage in a =
negotiated=20
      transaction involving more than one percent of your outstanding =
stock, and=20
      may purchase stock through any of your management or employee =
stock=20
      benefit plans.</P><A name=3D12:5.0.1.1.34.1.75.69>
      <H5>=A7&nbsp;563b.510&nbsp;&nbsp;&nbsp;May I repurchase shares =
after=20
      conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You may not repurchase your shares in the first year after =
the=20
      conversion except:</P>
      <P>(1) In extraordinary circumstances, you may make open market=20
      repurchases of up to five percent of your outstanding stock in the =
first=20
      year after the conversion if you file a notice under =
=A7563b.515(a) and OTS=20
      does not disapprove your repurchase. OTS will not approve such =
repurchases=20
      unless the repurchase meets the standards in =A7563b.515(c), and =
the=20
      repurchase is consistent with paragraph (c) of this section.</P>
      <P>(2) You may repurchase qualifying shares of a director or =
conduct an=20
      OTS approved repurchase pursuant to an offer made to all =
shareholders of=20
      your association.</P>
      <P>(3) Repurchases to fund management recognition plans that have =
been=20
      ratified by shareholders do not count toward the repurchase =
limitations in=20
      this section. Repurchases in the first year to fund such plans =
require=20
      prior written notification to OTS.</P>
      <P>(4) Purchases to fund tax qualified employee stock benefit =
plans do not=20
      count toward the repurchase limitations in this section.</P>
      <P>(b) After the first year, you may repurchase your shares, =
subject to=20
      all other applicable regulatory and supervisory restrictions and =
paragraph=20
      (c) of this section.</P>
      <P>(c) All stock repurchases are subject to the following=20
restrictions.</P>
      <P>(1) You may not repurchase your shares if the repurchase will =
reduce=20
      your regulatory capital below the amount required for your =
liquidation=20
      account under =A7563b.450. You must comply with the capital =
distribution=20
      requirements at part 563, subpart E of this chapter.</P>
      <P>(2) The restrictions on share repurchases apply to a charitable =

      organization under =A7563b.550. You must aggregate purchases of =
shares by=20
      the charitable organization with your repurchases.</P><A=20
      name=3D12:5.0.1.1.34.1.75.70>
      <H5>=A7&nbsp;563b.515&nbsp;&nbsp;&nbsp;What information must I =
provide to=20
      OTS before I repurchase my shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) To repurchase stock in the first year following conversion, =
other=20
      than repurchases under =A7563b.510(a)(3) or (a)(4), you must file =
a written=20
      notice with the OTS. You must provide the following =
information:</P>
      <P>(1) Your proposed repurchase program;</P>
      <P>(2) The effect of the repurchases on your regulatory capital; =
and</P>
      <P>(3) The purpose of the repurchases and, if applicable, an =
explanation=20
      of the extraordinary circumstances necessitating the =
repurchases.</P>
      <P>(b) You must file your notice with your Regional Director, with =
a copy=20
      to the Applications Filing Room, at least ten days before you =
begin your=20
      repurchase program.</P>
      <P>(c) You may not repurchase your shares if OTS objects to your=20
      repurchase program. OTS will not object to your repurchase program =
if:</P>
      <P>(1) Your repurchase program will not adversely affect your =
financial=20
      condition;</P>
      <P>(2) You submit sufficient information to evaluate your proposed =

      repurchases;</P>
      <P>(3) You demonstrate extraordinary circumstances and a =
compelling and=20
      valid business purpose for the share repurchases; and</P>
      <P>(4) Your repurchase program would not be contrary to other =
applicable=20
      regulations.</P><A name=3D12:5.0.1.1.34.1.75.71>
      <H5>=A7&nbsp;563b.520&nbsp;&nbsp;&nbsp;May I declare or pay =
dividends after=20
      I convert?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You may declare or pay a dividend on your shares after you =
convert=20
      if:</P>
      <P>(a) The dividend will not reduce your regulatory capital below =
the=20
      amount required for your liquidation account under =
=A7563b.450;</P>
      <P>(b) You comply with all capital requirements under part 567 of =
this=20
      chapter after you declare or pay dividends;</P>
      <P>(c) You comply with the capital distribution requirements under =
part=20
      563, subpart E, of this chapter; and</P>
      <P>(d) You do not return any capital, other than ordinary =
dividends, to=20
      purchasers during the term of the business plan submitted with the =

      conversion.</P><A name=3D12:5.0.1.1.34.1.75.72>
      <H5>=A7&nbsp;563b.525&nbsp;&nbsp;&nbsp;Who may acquire my shares =
after I=20
      convert?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) For three years after you convert, no person may, directly =
or=20
      indirectly, acquire or offer to acquire the beneficial ownership =
of more=20
      than ten percent of any class of your equity securities without =
OTS's=20
      prior written approval. If a person violates this prohibition, you =
may not=20
      permit the person to vote shares in excess of ten percent, and may =
not=20
      count the shares in excess of ten percent in any shareholder =
vote.</P>
      <P>(b) A person acquires beneficial ownership of more than ten =
percent of=20
      a class of shares when he or she holds any combination of your =
stock or=20
      revocable or irrevocable proxies under circumstances that give =
rise to a=20
      conclusive control determination or rebuttable control =
determination under=20
      =A7=A7574.4(a) and (b) of this chapter. OTS will presume that a =
person has=20
      acquired shares if the acquiror entered into a binding written =
agreement=20
      for the transfer of shares. For purposes of this section, an offer =
is made=20
      when it is communicated. An offer does not include non-binding =
expressions=20
      of understanding or letters of intent regarding the terms of a =
potential=20
      acquisition.</P>
      <P>(c) Notwithstanding the restrictions in this section:</P>
      <P>(1) Paragraphs (a) and (b) of this section do not apply to any =
offer=20
      with a view toward public resale made exclusively to you, to the=20
      underwriters, or to a selling group acting on your behalf.</P>
      <P>(2) Unless OTS objects in writing, any person may offer or =
announce an=20
      offer to acquire up to one percent of any class of shares. In =
computing=20
      the one percent limit, the person must include all of his or her=20
      acquisitions of the same class of shares during the prior 12 =
months.</P>
      <P>(3) A corporation whose ownership is, or will be, substantially =
the=20
      same as your ownership may acquire or offer to acquire more than =
ten=20
      percent of your common stock, if it makes the offer or acquisition =
more=20
      than one year after you convert.</P>
      <P>(4) One or more of your tax-qualified employee stock benefit =
plans may=20
      acquire your shares, if the plan or plans do not beneficially own =
more=20
      than 25 percent of any class of your shares in the aggregate.</P>
      <P>(5) An acquiror does not have to file a separate application to =
obtain=20
      OTS approval under paragraph (a) of this section, if the acquiror =
files an=20
      application under part 574 of this chapter that specifically =
addresses the=20
      criteria listed under paragraph (d) of this section and you do not =
oppose=20
      the proposed acquisition.</P>
      <P>(d) OTS may deny an application under paragraph (a) of this =
section if=20
      the proposed acquisition:</P>
      <P>(1) Is contrary to the purposes of this part;</P>
      <P>(2) Is manipulative or deceptive;</P>
      <P>(3) Subverts the fairness of the conversion;</P>
      <P>(4) Is likely to injure you;</P>
      <P>(5) Is inconsistent with your plan to meet the credit and =
lending needs=20
      of your proposed market area;</P>
      <P>(6) Otherwise violates laws or regulations; or</P>
      <P>(7) Does not prudently deploy your conversion proceeds.</P><A=20
      name=3D12:5.0.1.1.34.1.75.73>
      <H5>=A7&nbsp;563b.530&nbsp;&nbsp;&nbsp;What other requirements =
apply after I=20
      convert?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>After you convert, you must:</P>
      <P>(a) Promptly register your shares under the Securities Exchange =
Act of=20
      1934 (15 U.S.C. 78a=9678jj, as amended). You may not deregister =
the shares=20
      for three years.</P>
      <P>(b) Encourage and assist a market maker to establish and to =
maintain a=20
      market for your shares. A market maker for a security is a dealer =
who:</P>
      <P>(1) Regularly publishes bona fide competitive bid and offer =
quotations=20
      for the security in a recognized inter-dealer quotation =
system;</P>
      <P>(2) Furnishes bona fide competitive bid and offer quotations =
for the=20
      security on request; or</P>
      <P>(3) May effect transactions for the security in reasonable =
quantities=20
      at quoted prices with other brokers or dealers.</P>
      <P>(c) Use your best efforts to list your shares on a national or =
regional=20
      securities exchange or on the National Association of Securities =
Dealers=20
      Automated Quotation system.</P>
      <P>(d) File all post-conversion reports that OTS requires.</P><A=20
      name=3D12:5.0.1.1.34.1.76>
      <H5>Contributions to Charitable Organizations</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
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if">=20
      top</A><A name=3D12:5.0.1.1.34.1.76.74>
      <H5>=A7&nbsp;563b.550&nbsp;&nbsp;&nbsp;May I donate conversion =
shares or=20
      conversion proceeds to a charitable organization?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You may contribute some of your conversion shares or proceeds =
to a=20
      charitable organization if:</P>
      <P>(a) Your plan of conversion provides for the proposed =
contribution;</P>
      <P>(b) Your members approve the proposed contribution; and</P>
      <P>(c) The IRS either has approved, or approves within two years =
after=20
      formation, the charitable organization as a tax-exempt charitable=20
      organization under the Internal Revenue Code.</P><A=20
      name=3D12:5.0.1.1.34.1.76.75>
      <H5>=A7&nbsp;563b.555&nbsp;&nbsp;&nbsp;How do my members approve a =

      charitable contribution?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>At the meeting to consider your conversion, your members must=20
      separately approve by at least a majority of the total eligible =
votes, a=20
      contribution of conversion shares or proceeds. If you are in =
mutual=20
      holding company form and adding a charitable contribution as part =
of a=20
      second step stock conversion, you must also have your minority=20
      shareholders separately approve the charitable contribution by a =
majority=20
      of their total eligible votes.</P><A name=3D12:5.0.1.1.34.1.76.76>
      <H5>=A7&nbsp;563b.560&nbsp;&nbsp;&nbsp;How much may I contribute =
to a=20
      charitable organization?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You may contribute a reasonable amount of conversion shares or =
proceeds=20
      to a charitable organization, if your contribution will not exceed =
limits=20
      for charitable deductions under the Internal Revenue Code and OTS =
does not=20
      object on supervisory grounds. If you are a well-capitalized =
savings=20
      association, OTS generally will not object if you contribute an =
aggregate=20
      amount of eight percent or less of the conversion shares or=20
      proceeds.</P><A name=3D12:5.0.1.1.34.1.76.77>
      <H5>=A7&nbsp;563b.565&nbsp;&nbsp;&nbsp;What must the charitable =
organization=20
      include in its organizational documents?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>The charitable organization's charter (or trust agreement) and =
gift=20
      instrument must provide that:</P>
      <P>(a) The charitable organization's primary purpose is to serve =
and make=20
      grants in your local community;</P>
      <P>(b) As long as the charitable organization controls shares, it =
must=20
      vote those shares in the same ratio as all other shares voted on =
each=20
      proposal considered by your shareholders;</P>
      <P>(c) For at least five years after its organization, one seat on =
the=20
      charitable organization's board of directors (or board of =
trustees) is=20
      reserved for an independent director (or trustee) from your local=20
      community. This director may not be your officer, director, or =
employee,=20
      or your affiliate's officer, director, or employee, and should =
have=20
      experience with local community charitable organizations and grant =
making;=20
      and</P>
      <P>(d) For at least five years after its organization, one seat on =
the=20
      charitable organization's board of directors (or board of =
trustees) is=20
      reserved for a director from your board of directors or the board =
of=20
      directors of an acquiror or resulting institution in the event of =
a merger=20
      or acquisition of your organization.</P><A =
name=3D12:5.0.1.1.34.1.76.78>
      <H5>=A7&nbsp;563b.570&nbsp;&nbsp;&nbsp;How do I address conflicts =
of=20
      interest involving my directors?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) A person who is your director, officer, or employee, or a =
person=20
      who has the power to direct your management or policies, or =
otherwise owes=20
      a fiduciary duty to you (for example, holding company directors) =
and who=20
      will serve as an officer, director, or employee of the charitable=20
      organization, is subject to =A7563.200 of this chapter. <I>See =
</I>Form AC=20
      (Exhibit 9) for further information on operating plans and =
conflict of=20
      interest plans.</P>
      <P>(b) Before your board of directors may adopt a plan of =
conversion that=20
      includes a charitable organization, you must identify your =
directors that=20
      will serve on the charitable organization's board. These directors =
may not=20
      participate in your board's discussions concerning contributions =
to the=20
      charitable organization, and may not vote on the matter.</P><A=20
      name=3D12:5.0.1.1.34.1.76.79>
      <H5>=A7&nbsp;563b.575&nbsp;&nbsp;&nbsp;What other requirements =
apply to=20
      charitable organizations?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) The charitable organization's charter (or trust agreement) =
and the=20
      gift instrument for the contribution must provide that:</P>
      <P>(1) OTS may examine the charitable organization at the =
charitable=20
      organization's expense;</P>
      <P>(2) The charitable organization must comply with all =
supervisory=20
      directives that OTS imposes;</P>
      <P>(3) The charitable organization must annually provide OTS with =
a copy=20
      of the annual report that the charitable organization submitted to =
the=20
      IRS;</P>
      <P>(4) The charitable organization must operate according to =
written=20
      policies adopted by its board of directors (or board of trustees), =

      including a conflict of interest policy; and</P>
      <P>(5) The charitable organization may not engage in self-dealing, =
and=20
      must comply with all laws necessary to maintain its tax-exempt =
status=20
      under the Internal Revenue Code.</P>
      <P>(b) You must include the following legend in the stock =
certificates of=20
      shares that you contribute to the charitable organization or that =
the=20
      charitable organization otherwise acquires: =93The board of =
directors must=20
      consider the shares that this stock certificate represents as =
voted in the=20
      same ratio as all other shares voted on each proposal considered =
by the=20
      shareholders, as long as the shares are controlled by the =
charitable=20
      organization.=94</P>
      <P>(c) As long as the charitable organization controls shares, you =
must=20
      consider those shares as voted in the same ratio as all of the =
shares=20
      voted on each proposal considered by your shareholders.</P>
      <P>(d) After you complete your stock offering, you must submit =
four=20
      executed copies of the following documents to the OTS Applications =
Filing=20
      Room in Washington, and three executed copies to the OTS Regional =
Office:=20
      the charitable organization's charter and bylaws (or trust =
agreement),=20
      operating plan (within six months after your stock offering), =
conflict of=20
      interest policy, and the gift instrument for your contributions of =
either=20
      stock or cash to the charitable organization.</P><A =
name=3D12:5.0.1.1.34.2>
      <H5>Subpart B=97Voluntary Supervisory Conversions</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.77.1>
      <H5>=A7&nbsp;563b.600&nbsp;&nbsp;&nbsp;What does this subpart =
do?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You must comply with this subpart to engage in a voluntary=20
      supervisory conversion. This subpart applies to all voluntary =
supervisory=20
      conversions under secs. 5(i)(1), (i)(2), and (p) of the Home =
Owners' Loan=20
      Act (HOLA), 12 U.S.C. 1464(i)(1), (i)(2), and (p).</P>
      <P>(b) Subpart A of this part also applies to a voluntary =
supervisory=20
      conversion, unless a requirement is clearly inapplicable.</P><A=20
      name=3D12:5.0.1.1.34.2.77.2>
      <H5>=A7&nbsp;563b.605&nbsp;&nbsp;&nbsp;How may I conduct a =
voluntary=20
      supervisory conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) You may sell your shares or the shares of a holding company =
to the=20
      public under the requirements of subpart A of this part.</P>
      <P>(b) You may convert to stock form by merging into an interim =
federal-or=20
      state-chartered stock association.</P>
      <P>(c) You may sell your shares directly to an acquiror, who may =
be a=20
      person, company, depository institution, or depository institution =
holding=20
      company.</P>
      <P>(d) You may merge or consolidate with an existing or newly =
created=20
      depository institution. The merger or consolidation must be =
authorized by,=20
      and is subject to, other applicable laws and regulations.</P><A=20
      name=3D12:5.0.1.1.34.2.77.3>
      <H5>=A7&nbsp;563b.610&nbsp;&nbsp;&nbsp;Do my members have rights =
in a=20
      voluntary supervisory conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>Your members do not have the right to approve or participate in =
a=20
      voluntary supervisory conversion, and will not have any legal or=20
      beneficial ownership interests in the converted association, =
unless OTS=20
      provides otherwise. Your members may have interests in a =
liquidation=20
      account, if one is established.</P><A name=3D12:5.0.1.1.34.2.77>
      <H5>Eligibility</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.77.4>
      <H5>=A7&nbsp;563b.625&nbsp;&nbsp;&nbsp;When is a savings =
association=20
      eligible for a voluntary supervisory conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) If you are an insured savings association, you may be =
eligible to=20
      convert under this subpart if:</P>
      <P>(1) You are significantly undercapitalized (or you are =
undercapitalized=20
      and a standard conversion that would make you adequately =
capitalized is=20
      not feasible) and you will be a viable entity following the=20
conversion;</P>
      <P>(2) Severe financial conditions threaten your stability and a=20
      conversion is likely to improve your financial condition;</P>
      <P>(3) FDIC will assist you under section 13 of the Federal =
Deposit=20
      Insurance Act, 12 U.S.C. 1823; or</P>
      <P>(4) You are in receivership and a conversion will assist =
you.</P>
      <P>(b) You will be a viable entity following the conversion if you =
satisfy=20
      all of the following:</P>
      <P>(1) You will be adequately capitalized as a result of the=20
      conversion;</P>
      <P>(2) You, your proposed conversion, and your acquiror(s) comply =
with=20
      applicable supervisory policies;</P>
      <P>(3) The transaction is in your best interest, and the best =
interest of=20
      the Deposit Insurance Fund and the public; and</P>
      <P>(4) The transaction will not injure or be detrimental to you, =
the=20
      Deposit Insurance Fund, or the public interest.</P>
      <P>[67 FR 52020, Aug. 9, 2002, as amended at 71 FR 19811, Apr. 18, =

      2006]</P><A name=3D12:5.0.1.1.34.2.77.5>
      <H5>=A7&nbsp;563b.630&nbsp;&nbsp;&nbsp;When is a state-chartered =
savings=20
      bank eligible for a voluntary supervisory conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>If you are a state-chartered savings bank you may be eligible =
to=20
      convert to a federal stock savings bank under this subpart if:</P>
      <P>(a) FDIC certifies under section 5(o)(2)(C) of the HOLA that =
severe=20
      financial conditions threaten your stability and that the =
voluntary=20
      supervisory conversion is likely to improve your financial =
condition, and=20
      OTS concurs with this certification; or</P>
      <P>(b) You meet the following conditions:</P>
      <P>(1) Your liabilities exceed your assets, as calculated under =
generally=20
      accepted accounting principles, assuming you are a going concern; =
and</P>
      <P>(2) You will issue a sufficient amount of permanent capital =
stock to=20
      meet your applicable FDIC capital requirement immediately upon =
completion=20
      of the conversion, or FDIC determines that you will achieve an =
acceptable=20
      capital level within an acceptable time period.</P>
      <P>[67 FR 52020, Aug. 9, 2002, as amended at 71 FR 19811, Apr. 18, =

      2006]</P><A name=3D12:5.0.1.1.34.2.78>
      <H5>Plan of Supervisory Conversion</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.78.6>
      <H5>=A7&nbsp;563b.650&nbsp;&nbsp;&nbsp;What must I include in my =
plan of=20
      voluntary supervisory conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>A majority of your board of directors must adopt a plan of =
voluntary=20
      supervisory conversion. You must include all of the following =
information=20
      in your plan of voluntary supervisory conversion.</P>
      <P>(a) Your name and address.</P>
      <P>(b) The name, address, date and place of birth, and social =
security=20
      number of each proposed purchaser of conversion shares and a =
description=20
      of that purchaser's relationship to you.</P>
      <P>(c) The title, per-unit par value, number, and per-unit and =
aggregate=20
      offering price of shares that you will issue.</P>
      <P>(d) The number and percentage of shares that each investor will =

      purchase.</P>
      <P>(e) The aggregate number and percentage of shares that each =
director,=20
      officer, and any affiliates or associates of the director or =
officer will=20
      purchase.</P>
      <P>(f) A description of any liquidation account.</P>
      <P>(g) Certified copies of all resolutions of your board of =
directors=20
      relating to the conversion.</P><A name=3D12:5.0.1.1.34.2.79>
      <H5>Voluntary Supervisory Conversion Application</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.79.7>
      <H5>=A7&nbsp;563b.660&nbsp;&nbsp;&nbsp;What must I include in my =
voluntary=20
      supervisory conversion application?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>You must include all of the following information and documents =
in a=20
      voluntary supervisory conversion application to OTS under this=20
subpart:</P>
      <P>(a) <I>Eligibility. </I>(1) Evidence establishing that you meet =
the=20
      eligibility requirements under =A7=A7563b.625 or 563b.630.</P>
      <P>(2) An opinion of qualified, independent counsel or an =
independent,=20
      certified public accountant regarding the tax consequences of the=20
      conversion, or an IRS ruling indicating that the transaction =
qualifies as=20
      a tax-free reorganization.</P>
      <P>(3) An opinion of independent counsel indicating that =
applicable state=20
      law authorizes the voluntary supervisory conversion, if you are a=20
      state-chartered savings association converting to state stock =
form.</P>
      <P>(b) <I>Plan of conversion. </I>A plan of voluntary supervisory=20
      conversion that complies with =A7563b.650.</P>
      <P>(c) <I>Business plan. </I>A business plan that complies with =
=A7563b.105,=20
      when required by OTS.</P>
      <P>(d) <I>Financial data. </I>(1) Your most recent audited =
financial=20
      statements and Thrift Financial Report. You must explain how your =
current=20
      capital levels make you eligible to engage in a voluntary =
supervisory=20
      conversion under =A7=A7563b.625 or 563b.630.</P>
      <P>(2) A description of your estimated conversion expenses.</P>
      <P>(3) Evidence supporting the value of any non-cash asset =
contributions.=20
      Appraisals must be acceptable to OTS and the non-cash asset must =
meet all=20
      other OTS policy guidelines. <I>See </I>Thrift Activities Handbook =
Section=20
      110 for guidelines at OTS's website ( <I>www.ots.treas.gov =
</I>).</P>
      <P>(4) Pro forma financial statements that reflect the effects of =
the=20
      transaction. You must identify your tangible, core, and risk-based =
capital=20
      levels and show the adjustments necessary to compute the capital =
levels.=20
      You must prepare your pro forma statements in conformance with OTS =

      regulations and policy.</P>
      <P>(e) <I>Proposed documents. </I>(1) Your proposed charter and=20
bylaws.</P>
      <P>(2) Your proposed stock certificate form.</P>
      <P>(f) <I>Agreements. </I>(1) A copy of any agreements between you =
and=20
      proposed purchasers.</P>
      <P>(2) A copy and description of all existing and proposed =
employment=20
      contracts. You must describe the term, salary, and severance =
provisions of=20
      the contract, the identity and background of the officer or =
employee to be=20
      employed, and the amount of any conversion shares to be purchased =
by the=20
      officer or employee or his or her affiliates or associates.</P>
      <P>(g) <I>Related applications. </I>(1) All filings required under =
the=20
      securities offering rules of parts 563b and 563g of this =
chapter.</P>
      <P>(2) Any required Holding Company Act application, Control Act =
notice,=20
      or rebuttal submission under part 574 of this chapter, including=20
      prior-conduct certifications under Regulatory Bulletin 20.</P>
      <P>(3) A subordinated debt application, if applicable.</P>
      <P>(4) Applications for permission to organize a stock association =
and for=20
      approval of a merger, if applicable, and a copy of any application =
for=20
      Federal Home Loan Bank membership or FDIC insurance of accounts, =
if=20
      applicable.</P>
      <P>(5) A statement describing any other applications required =
under=20
      federal or state banking laws for all transactions related to your =

      conversion, copies of all dispositive documents issued by =
regulatory=20
      authorities relating to the applications, and, if requested by =
OTS, copies=20
      of the applications and related documents.</P>
      <P>(h) <I>Waiver request. </I>A description of any of the features =
of your=20
      application that do not conform to the requirements of this =
subpart,=20
      including any request for waiver of these requirements.</P><A=20
      name=3D12:5.0.1.1.34.2.80>
      <H5>OTS Review of the Voluntary Supervisory Conversion=20
      Application</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.80.8>
      <H5>=A7&nbsp;563b.670&nbsp;&nbsp;&nbsp;Will OTS approve my =
voluntary=20
      supervisory conversion application?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>OTS will generally approve your application to engage in a =
voluntary=20
      supervisory conversion unless it determines:</P>
      <P>(a) You do not meet the eligibility requirements for a =
voluntary=20
      supervisory conversion under =A7=A7563b.625 or 563b.630 or because =
the=20
      proceeds from the sale of your conversion stock, less the expenses =
of the=20
      conversion, would be insufficient to satisfy any applicable =
viability=20
      requirement;</P>
      <P>(b) The transaction is detrimental to or would cause potential =
injury=20
      to you or the Deposit Insurance Fund or is contrary to the public=20
      interest;</P>
      <P>(c) You or your acquiror, or the controlling parties or =
directors and=20
      officers of you or your acquiror, have engaged in unsafe or =
unsound=20
      practices in connection with the voluntary supervisory conversion; =
or</P>
      <P>(d) You fail to justify an employment contract incidental to =
the=20
      conversion, or the employment contract will be an unsafe or =
unsound=20
      practice or represent a sale of control. In a voluntary =
supervisory=20
      conversion, OTS generally will not approve employment contracts of =
more=20
      than one year for your existing management.</P>
      <P>[67 FR 52020, Aug. 9, 2002, as amended at 71 FR 19812, Apr. 18, =

      2006]</P><A name=3D12:5.0.1.1.34.2.80.9>
      <H5>=A7&nbsp;563b.675&nbsp;&nbsp;&nbsp;What conditions will OTS =
impose on an=20
      approval?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>(a) OTS will condition approval of a voluntary supervisory =
conversion=20
      application on all of the following.</P>
      <P>(1) You must complete the conversion stock sale within three =
months=20
      after OTS approves your application. OTS may grant an extension =
for good=20
      cause.</P>
      <P>(2) You must comply with all filing requirements of parts 563b =
and 563g=20
      of this chapter.</P>
      <P>(3) You must submit an opinion of independent legal counsel =
indicating=20
      that the sale of your shares complies with all applicable state =
securities=20
      law requirements.</P>
      <P>(4) You must comply with all applicable laws, rules, and=20
      regulations.</P>
      <P>(5) You must satisfy any other requirements or conditions OTS =
may=20
      impose.</P>
      <P>(b) OTS may condition approval of a voluntary supervisory =
conversion=20
      application on either of the following:</P>
      <P>(1) You must satisfy any conditions and restrictions OTS =
imposes to=20
      prevent unsafe or unsound practices, to protect the Deposit =
Insurance Fund=20
      and the public interest, and to prevent potential injury or =
detriment to=20
      you before and after the conversion. OTS may impose these =
conditions and=20
      restrictions on you (before and after the conversion), your =
acquiror,=20
      controlling parties, or directors and officers of you or your =
acquiror;=20
      or</P>
      <P>(2) You must infuse a larger amount of capital, if necessary, =
for=20
      safety and soundness reasons.</P>
      <P>[67 FR 52020, Aug. 9, 2002, as amended at 71 FR 19812, Apr. 18, =

      2006]</P><A name=3D12:5.0.1.1.34.2.81>
      <H5>Offers and Sales of Stock</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.81.10>
      <H5>=A7&nbsp;563b.680&nbsp;&nbsp;&nbsp;How do I sell my =
shares?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>If you convert under this subpart, you must offer and sell your =
shares=20
      under part 563g of this chapter.</P><A name=3D12:5.0.1.1.34.2.82>
      <H5>Post-Conversion</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A><A name=3D12:5.0.1.1.34.2.82.11>
      <H5>=A7&nbsp;563b.690&nbsp;&nbsp;&nbsp;Who may not acquire =
additional shares=20
      after the voluntary supervisory conversion?</H5></A><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr&amp;sid=3D=
0a675f6d7b92f4f21cb4870e0a645829&amp;rgn=3Ddiv5&amp;view=3Dtext&amp;node=3D=
12:5.0.1.1.34&amp;idno=3D12#PartTop"><IMG=20
      alt=3D""=20
      =
src=3D"http://ecfr.gpoaccess.gov/e/ecfr/graphics/ret-arrow-generic-grey.g=
if">=20
      top</A>
      <P>For three years after the completion of a voluntary supervisory =

      conversion, neither you nor your controlling shareholder(s) may =
acquire=20
      shares from minority shareholders without OTS's prior =
approval.</P>
      <P></P><SPAN><A=20
      =
href=3D"http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=3Decfr;sid=3D0a67=
5f6d7b92f4f21cb4870e0a645829;rgn=3Ddiv5;view=3Dtext;node=3D12%3A5.0.1.1.3=
3;idno=3D12;cc=3Decfr">Browse=20
      Previous</A></SPAN>&nbsp;|&nbsp;<SPAN><A=20
      =
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5f6d7b92f4f21cb4870e0a645829;rgn=3Ddiv5;view=3Dtext;node=3D12%3A5.0.1.1.3=
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      <P class=3Dfooter align=3Dcenter>For questions or comments =
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      =
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      508 / Accessibility</A></P><!--<P ALIGN=3D"center" =
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