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e-CFR=20 Data is current as of April 18, 2008


Title 12:=20 Banks and Banking

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PART 575=97MUTUAL HOLDING COMPANIES
Section Contents
=A7 575.1 &nb= sp; Scope.
=A7 575.2 &nb= sp; Definitions.
=A7 575.3 &nb= sp; Mutual=20 holding company reorganizations.
=A7 575.4 &nb= sp; Grounds=20 for disapproval of reorganizations.
=A7 575.5 &nb= sp; Membership=20 rights.
=A7 575.6 &nb= sp; Contents=20 of Reorganization Plans.
=A7 575.7 &nb= sp; Issuances=20 of stock by savings association subsidiaries of mutual holding=20 companies.
=A7 575.8 &nb= sp; Contents=20 of Stock Issuance Plans.
=A7 575.9 &nb= sp; Charters=20 and bylaws for mutual holding companies and their savings = association=20 subsidiaries.
=A7 575.10 &= nbsp; Acquisition=20 and disposition of savings associations, savings and loan holding=20 companies, and other corporations by mutual holding=20 companies.
=A7 575.11 &= nbsp; Operating=20 restrictions.
=A7 575.12 &= nbsp; Conversion=20 or liquidation of mutual holding companies.
=A7 575.13 &= nbsp; Procedural=20 requirements.
=A7 575.14 &= nbsp; Subsidiary=20 holding companies.

Authority:   12 U.S.C. 1462, = 1462a,=20 1463, 1464, 1467a, 1828, 2901.

Source:   58 FR 44114, Aug. = 19, 1993,=20 unless otherwise noted.

=A7 575.1   Scope.
=20 top

(a) Purpose. The purpose of this part is to implement = the mutual=20 holding company provisions of the Savings and Loan Holding Company = Act, 12=20 U.S.C. 1467a(o).

(b) General. Except as the OTS may otherwise determine, = the=20 provisions of this part shall exclusively govern the = reorganization of=20 mutual savings associations and any related stock issuances, and = no mutual=20 savings association shall reorganize to a mutual holding company = or issue=20 minority stock without the prior written approval of the OTS. The = OTS may=20 grant a waiver in writing from any requirement of this part for = good cause=20 shown.

[58 FR 44114, Aug. 19, 1993, as amended at 59 FR 61262, Nov. = 30,=20 1994]

=A7 575.2   Definitions.
=20 top

As used in this part, the following definitions apply, unless = specified=20 elsewhere in this part:

(a) The terms associate and tax-qualified employee = stock=20 benefit plan have the meanings set forth in =A7563b.25 of this = chapter.

(b) The terms acting in concert, affiliate, company, person, = and=20 savings association have the meanings set forth in =A7574.2 = of this=20 chapter.

(c) The term acquiree association means any savings = association,=20 other than a resulting association, that:

(1) Is acquired by a mutual holding company as part of, and=20 concurrently with, a mutual holding company reorganization; = and

(2) Is in the mutual form immediately prior to such = acquisition.

(d) The term control has the same meaning as specified = in =A7574.4=20 of this chapter.

(e) The term default means any adjudication or other = official=20 determination of a court of competent jurisdiction or other public = authority pursuant to which a conservator, receiver, or other = legal=20 custodian is appointed for a mutual holding company or savings = association=20 subsidiary of a mutual holding company.

(f) The term insider means any officer or director of a = company=20 or of any affiliate of such company, and any person acting in = concert with=20 any such officer or director.

(g) The term member means any depositor or borrower of a = mutual=20 savings association that is entitled, under the charter of the = savings=20 association, to vote on matters affecting the association, and any = depositor or borrower of a savings association subsidiary of a = mutual=20 holding company that is entitled, under the charter of the mutual = holding=20 company, to vote on matters affecting the mutual holding = company.

(h) The term mutual holding company means a mutual = holding=20 company organized under this part, and unless otherwise indicated, = a=20 subsidiary holding company controlled by a mutual holding company, = organized under this part.

(i) The term parent has the same meaning as the term = parent=20 company specified at =A7583.15 of this chapter.

(j) The term Reorganization Notice means a notice of a = proposed=20 mutual holding company reorganization that is in the form and = contains the=20 information required by the OTS.

(k) The term Reorganization Plan means a plan to = reorganize into=20 the mutual holding company format containing the information = required by=20 =A7575.6 of this part.

(l) The term reorganizing association means a mutual = savings=20 association that proposes to reorganize to become a mutual holding = company=20 pursuant to this part.

(m) The term resulting association means a savings = association=20 in the stock form that is organized as a subsidiary of a = reorganizing=20 association to receive the substantial part of the assets and = liabilities=20 (including all deposit accounts) of the reorganizing association = upon=20 consummation of the reorganization.

(n) The term stock means common or preferred stock, or = any other=20 type of equity security, including (without limitation) warrants = or=20 options to acquire common or preferred stock, or other securities = that are=20 convertible into common or preferred stock.

(o) The term Stock Issuance Plan means a plan, submitted = pursuant to =A7575.7 and containing the information required by = =A7575.8,=20 providing for the issuance of stock by:

(1) A savings association subsidiary of a mutual holding = company;=20 or

(2) A subsidiary holding company.

(p) The term subsidiary has the meaning specified at = =A7583.23 of=20 this chapter.

(q) The term subsidiary holding company means a = federally=20 chartered stock holding company, controlled by a mutual holding = company,=20 that owns the stock of a savings association whose depositors have = membership rights in the parent mutual holding company.

[58 FR 44114, Aug. 19, 1993, as amended at 60 FR 66720, Dec. = 26, 1995;=20 61 FR 60184, Nov. 27, 1996; 63 FR 11365, Mar. 9, 1998; 67 FR = 52035, Aug.=20 9, 2002]

=A7 575.3   Mutual holding company=20 reorganizations.
=20 top

A mutual savings association may reorganize to become a mutual = holding=20 company, or join in a mutual holding company reorganization as an = acquiree=20 association, only upon satisfaction of the following = conditions:

(a) A Reorganization Plan is approved by a majority of the = board of=20 directors of the reorganizing association and any acquiree=20 association;

(b) A Reorganization Notice is filed with the OTS and = either:

(1) The OTS has given written notice of its intent not to = disapprove=20 the proposed reorganization; or

(2) Sixty days have passed since OTS received the = Reorganization Notice=20 and deemed it complete under =A7516.210 or =A7516.220 of this = chapter, and OTS=20 has not:

(i) Given written notice that the proposed reorganization is=20 disapproved; or

(ii) Extended for an additional 30 days the period during which = disapproval may be issued;

(c) The Reorganization Plan is submitted to the members of the=20 reorganizing association and any acquiree association pursuant to = a proxy=20 statement cleared in advance by the OTS and such Reorganization = Plan is=20 approved by a majority of the total votes of the members of each=20 association eligible to be cast at a meeting held at the call of = each=20 association's directors in accordance with the procedures = prescribed by=20 each association's charter and bylaws; and

(d) All necessary regulatory approvals have been obtained and = all=20 conditions specified in =A7575.9(c)(5) of this part or otherwise = imposed by=20 the OTS in connection with the issuance of a notice of intent not = to=20 disapprove under =A7575.3(b)(1) of this part or by the OTS in = connection=20 with the granting of the approvals specified in this paragraph = have been=20 satisfied.

[58 FR 44114, Aug. 19, 1993, as amended at 66 FR 13009, Mar. 2, = 2001]

=A7 575.4   Grounds for disapproval of=20 reorganizations.
=20 top

(a) Basic standards. The OTS may disapprove a proposed = mutual=20 holding company reorganization pursuant to =A7575.3(b) of this = part if:

(1) Disapproval is necessary to prevent unsafe or unsound=20 practices;

(2) The financial or managerial resources of the reorganizing=20 association or any acquiree association warrant disapproval;

(3) The proposed capitalization of the mutual holding company = fails to=20 meet the requirements of paragraph (b) of this section;

(4) A stock issuance is proposed in connection with the = reorganization=20 pursuant to =A7575.7 of this part that fails to meet the standards = established by that section;

(5) The reorganizing association or any acquiree association = fails to=20 furnish the information required to be included in the = Reorganization=20 Notice or any other information requested by the OTS in connection = with=20 the proposed reorganization; or

(6) The proposed reorganization would violate any provision of = law,=20 including (without limitation) =A7575.3 (a) and (c) of this part = (regarding=20 board of directors and membership approval) or =A7575.5(a) of this = part=20 (regarding continuity of membership rights).

(b) Capitalization. (1) The OTS shall disapprove a = proposal by a=20 reorganizing association or any acquiree association to capitalize = a=20 mutual holding company in an amount in excess of a nominal amount = if=20 immediately following the reorganization, the resulting = association or the=20 acquiree association would fail to be =93adequately capitalized=94 = as defined=20 under 12 CFR part 565.

(2) Proposals by reorganizing associations and acquiree = associations to=20 capitalize mutual holding companies shall also comply with any = applicable=20 statutes, and with regulations or written policies of the OTS = governing=20 capital distributions by savings associations in effect at the = time of the=20 reorganization. (Issuance by the OTS of a notice of intent not to=20 disapprove a mutual holding company reorganization pursuant to = =A7575.3(b)=20 of this part, or failure by the OTS to disapprove such a = reorganization=20 within the time prescribed in =A7575.3(b) of this part, shall also = be deemed=20 to constitute OTS approval under any regulation or written policy = of the=20 OTS governing capital distributions by savings associations, if = such=20 approval is required, of the capitalization proposal set forth in = the=20 Reorganization Notice, subject to any conditions imposed by = =A7575.4(d)(2)=20 of this part.)

(c) Presumptive disqualifiers =97(1) Managerial = resources.=20 The factors specified in =A7574.7 (g)(1)(i)=96(g)(1)(vi) of = this chapter=20 shall give rise to a rebuttable presumption that the managerial = resources=20 test of paragraph (a)(2) of this section is not met. For this = purpose,=20 each place the term acquiror appears in =A7574.7 = (g)(1)(i)=96(g)(1)(vi)=20 of this chapter, it shall be read to mean the reorganizing = association or=20 any acquiree association, and the reference in =A7574.7(g)(1)(v) = of this=20 chapter to filings under this part shall be deemed to include = filings=20 under either part 574 of this chapter or this part.

(2) Safety and soundness and financial resources. = Failure by a=20 reorganizing association and any acquiree association to submit a = business=20 plan in connection with a Reorganization Notice, or submission of = a=20 business plan that projects activities that are inconsistent with = the=20 credit and lending needs of your proposed market area or that = fails to=20 demonstrate that the capital of the mutual holding company will be = deployed in a safe and sound manner, shall give rise to a = rebuttable=20 presumption that the safety and soundness and financial resources = tests of=20 paragraphs (a)(1) and (a)(2) of this section are not met.

(d) Failure of the OTS to act on a Reorganization Notice = within the=20 prescribed time period. A proposed reorganization that obtains = regulatory clearance from the OTS due to the operation of = =A7575.3(b)(2) of=20 this part may take place in the manner proposed, subject to the = following=20 conditions:

(1) The reorganization shall be consummated within one year of = the date=20 of the expiration of the OTS's review period under =A7575.3(b)(2) = of this=20 part;

(2) The mutual holding company shall not be capitalized in an = amount in=20 excess of what is permissible under =A7575.4(b) of this part;

(3) No request for regulatory waivers or forbearances shall be = deemed=20 granted;

(4) The following information shall be submitted within the = specified=20 time frames:

(i) On the business day prior to the date of the = reorganization, the=20 chief financial officers of the reorganizing association and any = acquiree=20 association shall certify to the OTS in writing that no material = adverse=20 events or material adverse changes have occurred with respect to = the=20 financial condition or operations of their respective associations = since=20 the date of the financial statements submitted with the = Reorganization=20 Notice;

(ii) No later than thirty days after the reorganization, the = mutual=20 holding company shall file with the OTS a certification by legal = counsel=20 stating the effective date of the reorganization, the exact number = of=20 shares of stock of the resulting association and any acquiree = association=20 acquired by the mutual holding company and by any other persons, = and that=20 the reorganization has been consummated in accordance with = =A7575.3 of this=20 part and all other applicable laws and regulations and the = Reorganization=20 Notice;

(iii) No later than thirty days after the reorganization, the = mutual=20 holding company shall file with the OTS an opinion from its = independent=20 auditors certifying that the reorganization was consummated in = accordance=20 with generally accepted accounting principles; and

(iv) No later than thirty days after the reorganization, the = mutual=20 holding company shall file with the OTS a certification stating = that the=20 mutual holding company will not deviate materially, or cause its = savings=20 association subsidiaries to deviate materially, from the business = plan=20 submitted in connection with the Reorganization Notice, unless = prior=20 written approval from the Regional Director is obtained.

[58 FR 44114, Aug. 19, 1993, as amended at 67 FR 52035, Aug. 9, = 2002]

=A7 575.5   Membership rights.
=20 top

(a) Depositors and borrowers of resulting associations, = acquiree=20 associations, and associations in mutual form when acquired. = The=20 charter of a mutual holding company must:

(1) Confer upon existing and future depositors of the resulting = association the same membership rights in the mutual holding = company as=20 were conferred upon depositors by the charter of the reorganizing=20 association as in effect immediately prior to the = reorganization;

(2) Confer upon existing and future depositors of any acquiree=20 association or any association that is in the mutual form when = acquired by=20 the mutual holding company the same membership rights in the = mutual=20 holding company as were conferred upon depositors by the charter = of the=20 acquired association immediately prior to acquisition, provided = that=20 if the acquired association is merged into another association = from=20 which the mutual holding company draws members, the depositors of = the=20 acquired association shall receive the same membership rights as = the=20 depositors of the association into which the acquired association = is=20 merged;

(3) Confer upon the borrowers of the resulting association who = are=20 borrowers at the time of reorganization the same membership rights = in the=20 mutual holding company as were conferred upon them by the charter = of the=20 reorganizing association immediately prior to reorganization, but = shall=20 not confer any membership rights in connection with any borrowings = made=20 after the reorganization; and

(4) Confer upon the borrowers of any acquiree association or = any=20 association that is in the mutual form when acquired by the mutual = holding=20 company who are borrowers at the time of the acquisition the same=20 membership rights in the mutual holding company as were conferred = upon=20 them by the charter of the acquired association immediately prior = to=20 acquisition, but shall not confer any membership rights in = connection with=20 any borrowings made after the acquisition, provided that if = the=20 acquired association is merged into another association from which = the=20 mutual holding company draws members, the borrowers of the = acquired=20 association shall instead receive the same grandfathered = membership rights=20 as the borrowers of the association into which the acquired = association is=20 merged received at the time that association became a subsidiary = of the=20 mutual holding company.

(b) Depositors and borrowers of associations in the stock = form when=20 acquired. A mutual holding company that acquires a savings = association=20 in the stock form, other than a resulting association or an = acquiree=20 association, shall not confer any membership rights upon the = depositors=20 and borrowers of such association, unless such association is = merged into=20 an association from which the mutual holding company draws = members, in=20 which case the depositors of the stock association shall receive = the same=20 membership rights as other depositors of the association into = which the=20 stock association is merged.

=A7 575.6   Contents of Reorganization=20 Plans.
=20 top

Each Reorganization Plan shall contain a complete description = of all=20 significant terms of the proposed reorganization, shall attach and = incorporate any Stock Issuance Plan proposed in connection with = the=20 Reorganization Plan, and shall:

(a) Provide for amendment of the charter and bylaws of the = reorganizing=20 association to read in the form of the charter and bylaws of a = mutual=20 holding company, and attach and incorporate such charter and = bylaws;

(b) Provide for the organization of the resulting association, = which=20 shall be an interim federal or state savings association = subsidiary of the=20 reorganizing association, and attach and incorporate the proposed = charter=20 and bylaws of such association;

(c) If the reorganizing association proposes to form a = subsidiary=20 holding company, provide for the organization of a subsidiary = holding=20 company and attach and incorporate the proposed charter and bylaws = of such=20 subsidiary holding company.

(d) Provide for amendment of the charter and bylaws of any = acquiree=20 association to read in the form of the charter and bylaws of a = state or=20 federal savings association in the stock form (as modified by = =A7575.9(b) of=20 this part), and attach and incorporate such charter and = bylaws;

(e) Provide that, upon consummation of the reorganization,=20 substantially all of the assets and liabilities (including all = savings=20 accounts, demand accounts, tax and loan accounts, United States = Treasury=20 General Accounts, or United States Treasury Time Deposit Open = Accounts, as=20 defined in part 561 of this chapter) of the reorganizing = association shall=20 be transferred to the resulting association, which shall thereupon = become=20 an operating savings association subsidiary of the mutual holding=20 company;

(f) Provide that all assets, rights, obligations, and = liabilities of=20 whatever nature of the reorganizing association that are not = expressly=20 retained by the mutual holding company shall be deemed transferred = to the=20 resulting association;

(g) Provide that each depositor in the reorganizing association = or any=20 acquiree association immediately prior to the reorganization shall = upon=20 consummation of the reorganization receive, without payment, an = identical=20 account in the resulting association or the acquiree association, = as the=20 case may be (Appropriate modifications should be made to this = provision if=20 savings associations are being merged as a part of the=20 reorganization);

(h) Provide that the Reorganization Plan as adopted by the = boards of=20 directors of the reorganizing association and any acquiree = association may=20 be substantively amended by those boards of directors as a result = of=20 comments from regulatory authorities or otherwise prior to the=20 solicitation of proxies from the members of the reorganizing = association=20 and any acquiree association to vote on the Reorganization Plan = and at any=20 time thereafter with the concurrence of the OTS; and that the=20 reorganization may be terminated by the board of directors of the=20 reorganizing association or any acquiree association at any time = prior to=20 the meeting of the members of the association called to consider = the=20 Reorganization Plan and at any time thereafter with the = concurrence of the=20 OTS;

(i) Provide that the Reorganization Plan shall be terminated if = not=20 completed within a specified period of time (The time period shall = not be=20 more than 24 months from the date upon which the members of the=20 reorganizing association or the date upon which the members of any = acquiree association, whichever is earlier, approve the = Reorganization=20 Plan and may not be extended by the reorganizing or acquiree = association);=20 and

(j) Provide that the expenses incurred in connection with the=20 reorganization shall be reasonable.

[58 FR 44114, Aug. 19, 1993, as amended at 63 FR 11365, Mar. 9, = 1998]

=A7 575.7   Issuances of stock by savings=20 association subsidiaries of mutual holding companies.
=20 top

(a) Requirements. No savings association subsidiary of a = mutual=20 holding company (including any resulting association or acquiree=20 association) may issue stock to persons other than its mutual = holding=20 company parent in connection with a mutual holding company = reorganization,=20 or at any time subsequent to the association's acquisition by the = mutual=20 holding company, unless the association obtains advance approval = of each=20 such issuance from the OTS. Issuance by the OTS of a notice of = intent not=20 to disapprove a mutual holding company reorganization pursuant to=20 =A7575.3(b) of this part, or failure by the OTS to disapprove such = a=20 reorganization within the time prescribed in =A7575.3(b) of this = part, shall=20 be deemed to constitute approval of any stock issuance = specifically=20 applied for pursuant to this section in connection with the=20 reorganization, unless otherwise specified by the OTS. The OTS = shall=20 approve any proposed issuance that meets each of the criteria set = forth=20 below in paragraphs (a)(1)=96(a)(7) of this section.

(1) The proposed issuance is to be made pursuant to a Stock = Issuance=20 Plan that contains all the provisions required by =A7575.8 of this = part.

(2) The Stock Issuance Plan is consistent with the terms of the = association's charter (or any proposed amendments thereto), = including=20 terms governing the type and amount of stock that may be = issued.

(3) The Stock Issuance Plan would provide the association, its = mutual=20 holding company parent, and any other savings association = subsidiaries of=20 the mutual holding company with fully sufficient capital and would = not be=20 inequitable or detrimental to the association or its mutual = holding=20 company parent or to members of the mutual holding company = parent.

(4) The proposed price or price range of the stock to be issued = is=20 reasonable. (The OTS shall review the reasonableness of the = proposed price=20 or price range in accordance with paragraph (b) of this = section.)

(5) The aggregate amount of outstanding common stock of the = association=20 owned or controlled by persons other than the association's mutual = holding=20 company parent at the close of the proposed issuance shall be less = than=20 50% of the association's total outstanding common stock, unless = the=20 association was a stock association when acquired by the mutual = holding=20 company and is not a resulting association or an acquiree = association, in=20 which case the foregoing restriction shall not apply. Any amount = of=20 preferred stock may be issued by any savings association = subsidiary of a=20 mutual holding company to persons other than the association's = mutual=20 holding company, consistent with any other applicable laws and=20 regulations.

(6) The association furnishes the information required by the = OTS in=20 connection with the proposed issuance.

(7) The proposed stock issuance would fail to meet the = convenience and=20 needs standard of =A7563b.200(c) of this chapter.

(8) The proposed issuance complies with all other applicable = laws and=20 regulations.

(9) Unless otherwise determined by the OTS, the limitations on = the=20 minimum and maximum amounts of the estimated price range required = by=20 =A7563b.330 of this chapter shall apply.

(b) Related approvals. Approval by the OTS of any stock = issuance=20 pursuant to this section shall also be deemed to constitute:

(1) Approval under =A7563.3 of this chapter of the form of = stock=20 certificate proposed to be utilized in connection with the stock = issuance,=20 provided such form was included in the application materials filed = pursuant to this section; and

(2) Preliminary approval under =A7552.4 of this chapter and = approval=20 under =A7563.3 of this chapter of any charter or bylaw amendment = required to=20 authorize issuance of the stock, provided such amendment was = proposed in=20 the application materials filed pursuant to this section.

(c) Offering restrictions. (1) No representations may be = made in=20 any manner in connection with the offer or sale of any stock = issued=20 pursuant to this section that the price, price range or any other = pricing=20 information related to such stock issuance has been approved by = the OTS or=20 that the stock has been approved or disapproved by the OTS or that = the OTS=20 has endorsed the accuracy or adequacy of any securities offering = documents=20 disseminated in connection with such stock.

(2) The sale of minority stock of the reorganized stock savings = association to be made under the minority stock issuance plan, = including=20 any sale in a public offering or direct community marketing, shall = be=20 completed as promptly as possible and within 45 calendar days = after the=20 last day of the subscription period, unless extended by the = OTS.

(3) In the offer, sale, or purchase of stock issued pursuant to = this=20 section, no person shall:

(i) Employ any device, scheme, or artifice to defraud;

(ii) Make any untrue statement of a material fact or omit to = state a=20 material fact necessary in order to make the statements made, in = the light=20 of the circumstances under which they were made, not misleading; = or

(iii) Engage in any act, practice, or course of business which = operates=20 or would operate as a fraud or deceit upon a purchaser or = seller.

(4) Prior to the completion of a stock issuance pursuant to = this=20 section, no person shall transfer, or enter into any agreement or=20 understanding to transfer, the legal or beneficial ownership of = the stock=20 to be issued to any other person.

(5) Prior to the completion of a stock issuance pursuant to = this=20 section, no person shall make any offer, or any announcement of = any offer,=20 to purchase any stock to be issued, or knowingly acquire any stock = in the=20 issuance, in excess of the maximum purchase limitations = established in the=20 Stock Issuance Plan.

(6) All stock issuances pursuant to this section must:

(i) Comply with 12 CFR part 563g and, to the extent applicable, = Form=20 OC; and

(ii) Provide that the offering be structured in a manner = similar to a=20 standard conversion under 12 CFR part 563b, including the stock = purchase=20 priorities accorded members of the issuing association's mutual = holding=20 company, unless the association would qualify for a supervisory = conversion=20 if it were to undertake a conversion under 12 CFR part 563b; or=20 demonstrates to the satisfaction of the OTS that a non-conforming = issuance=20 would be more beneficial to the association compared to a = conforming=20 offering, considering, in the aggregate, the effect of each on the = association's financial and managerial resources and future = prospects, the=20 effect of the issuance upon the association, the insurance risk to = the=20 Deposit Insurance Fund, and the convenience and needs of the = community to=20 be served.

(7) Notwithstanding the restrictions in paragraph (d)(6)(ii) of = this=20 section, a savings association subsidiary of a mutual holding = company may=20 issue stock as part of a stock benefit plan to any insider, = associate of=20 an insider, or tax qualified or non-tax qualified employee stock = benefit=20 plan of the mutual holding company or subsidiary of the mutual = holding=20 company without including the purchase priorities of part 563b of = this=20 chapter.

(8) As part of a reorganization, a reasonable amount of shares = or=20 proceeds may be contributed to a charitable organization that = complies=20 with =A7=A7563b.550 to 563b.575 of this chapter, provided such = contribution=20 does not result in any taxes on excess business holdings under = section=20 4943 of the Internal Revenue Code (26 U.S.C. 4943).

(d) Procedural and substantive requirements. The = procedural and=20 substantive requirements of 12 CFR part 563b shall apply to all = mutual=20 holding company stock issuances under this section, unless clearly = inapplicable, as determined by OTS. For purposes of this paragraph = (d),=20 the term conversion as it appears in the provisions of Part = 563b of=20 this chapter shall refer to the stock issuance, and the term = converted=20 or converting savings association shall refer to the = savings=20 association undertaking the stock issuance.

[58 FR 44114, Aug. 19, 1993, as amended at 59 FR 22735, May 3, = 1994; 67=20 FR 52035, Aug. 9, 2002; 67 FR 78153, Dec. 23, 2002; 68 FR 75110, = Dec. 30,=20 2003; 71 FR 19812, Apr. 18, 2006; 72 FR 35150, June 27, = 2007]

=A7 575.8   Contents of Stock Issuance=20 Plans.
=20 top

(a) Mandatory provisions. Each of the provisions = mandatory for=20 all stock issuance plans under this paragraph shall be deemed = regulatory=20 requirements. Each Stock Issuance Plan shall contain a complete=20 description of all significant terms of the proposed stock = issuance=20 (including the information specified in =A7563b.650 of this = chapter to the=20 extent known), shall attach and incorporate the proposed form of = stock=20 certificate, the proposed stock order form, and any agreements or = other=20 documents defining the rights of the stockholders, and shall:

(1) Provide that the stock shall be sold at a total price equal = to the=20 estimated pro forma market value of such stock, based upon = an=20 independent valuation, as provided in =A7575.7(b) of this = part;

(2) Provide that the aggregate amount of outstanding common = stock of=20 the association owned or controlled by persons other than the=20 association's mutual holding company parent at the close of the = proposed=20 issuance shall be less than fifty percent of the association's = total=20 outstanding common stock (This provision may be omitted if the = proposed=20 issuance will be conducted by an association that was in the stock = form=20 when acquired by its mutual holding company parent, provided the=20 association is not a resulting association or an acquiree=20 association);

(3) Provide that all employee stock ownership plans or other=20 tax-qualified employee stock benefit plans (collectively, ESOPs) = must not=20 encompass, in the aggregate, more than either 4.9 percent of the=20 outstanding shares of the savings association's common stock or = 4.9=20 percent of the savings association's stockholders' equity at the = close of=20 the proposed issuance.

(4) Provide that all ESOPs and management recognition plans = (MRPs) must=20 not encompass, in the aggregate, more than either 4.9 percent of = the=20 outstanding shares of the savings association's common stock or = 4.9=20 percent of the savings association's stockholders' equity at the = close of=20 the proposed issuance. However, if the savings association's = tangible=20 capital equals at least ten percent at the time of implementation = of the=20 plan, OTS may permit such ESOPs and MRPs to encompass, in the = aggregate,=20 up to 5.88 percent of the outstanding common stock or = stockholders' equity=20 at the close of the proposed issuance.

(5) Provide that all MRPs must not encompass, in the aggregate, = more=20 than either 1.47 percent of the common stock of the savings = association or=20 1.47 percent of the savings association's stockholders' equity at = the=20 close of the proposed issuance. However, if the savings = association's=20 tangible capital is at least ten percent at the time of = implementation of=20 the plan, OTS may permit MRPs to encompass, in the aggregate, up = to 1.96=20 percent of the outstanding shares of the savings association's = common=20 stock or 1.96 percent of the savings association's stockholders' = equity at=20 the close of the proposed issuance.

(6) Provide that all stock option plans (Option Plans) must not = encompass, in the aggregate, more than either 4.9 percent of the = savings=20 association's outstanding common stock at the close of the = proposed=20 issuance or 4.9 percent of the savings association's stockholders' = equity=20 at the close of the proposed issuance.

(7) Provide that an ESOP, a MRP or an Option Plan modified or = adopted=20 no earlier than one year after the close of: the proposed = issuance, or any=20 subsequent issuance that is made in substantial conformity with = the=20 purchase priorities set forth in part 563b, may exceed the = percentage=20 limitations contained in paragraphs (a)(3) through (6) of this = section=20 (plan expansion), subject to the following two requirements. = First, all=20 common stock awarded in connection with any plan expansion must be = acquired for such awards in the secondary market. Second, such=20 acquisitions must begin no earlier than when such plan expansion = is=20 permitted to be made.

(8)(i) Provide that the aggregate amount of common stock that = may be=20 encompassed under all Option Plans and MRPs, or acquired by all = insiders=20 of the association and associates of insiders of the association, = must not=20 exceed the following percentages of common stock or stockholders' = equity=20 of the savings association, held by persons other than the savings = association's mutual holding company parent at the close of the = proposed=20 issuance:

Institution size Officer=20 and
director
purchases
(percent)
$ 50,000,000 = or less 35
$=20 50,000,001=96100,000,000 34
$100,000,001=96150,000,000 33
$150,000,001=96200,000,000 32
$200,000,001=96250,000,000 31
$250,000,001=96300,000,000 30
$300,000,001=96350,000,000 29
$350,000,001=96400,000,000 28
$400,000,001=96450,000,000 27
$450,000,001=96500,000,000 26
Over = $500,000,000 25

(ii) The percentage limitations contained in paragraph 8(i) may = be=20 exceeded provided that all stock acquired by insiders and = associates of=20 insiders or awarded under all MRPs and Option Plans in excess of = those=20 limitations is acquired in the secondary market. If acquired for = such=20 awards on the secondary market, such acquisitions must begin no = earlier=20 than one year after the close of the proposed issuance or any = subsequent=20 issuance that is made in substantial conformity with the purchase=20 priorities set forth in Part 563b.

(iii) In calculating the number of shares held by insiders and = their=20 associates under this provision, shares awarded but not delivered = under an=20 ESOP, MRP, or Option Plan that are attributable to such persons = shall not=20 be counted as being acquired by such persons.

(9) Provide that the amount of common stock that may be = encompassed=20 under all Option Plans and MRPs must not exceed, in the aggregate, = 25=20 percent of the outstanding common stock held by persons other than = the=20 savings association's mutual holding company parent at the close = of the=20 proposed issuance.

(10) Provide that the issuance shall be conducted in compliance = with 12=20 CFR part 563g and, to the extent applicable, Form OC;

(11) Provide that the sales price of the shares of stock to be = sold in=20 the issuance shall be a uniform price determined in accordance = with =A7575.7=20 of this part;

(12) Provide that, if at the close of the stock issuance the=20 association has more than thirty-five shareholders of any class of = stock,=20 the association shall promptly register that class of stock = pursuant to=20 the Securities Exchange Act of 1934, as amended (15 U.S.C. = 78a=9678jj), and=20 undertake not to deregister such stock for a period of three years = thereafter;

(13) Provide that, if at the close of the stock issuance the=20 association has more than one hundred shareholders of any class of = stock,=20 the association shall use its best efforts to:

(i) Encourage and assist a market maker to establish and = maintain a=20 market for that class of stock; and

(ii) List that class of stock on a national or regional = securities=20 exchange or on the NASDAQ quotation system;

(14) Provide that, for a period of three years following the = proposed=20 issuance, no insider of the association or his or her associates = shall=20 purchase, without the prior written approval of the OTS, any stock = of the=20 association except from a broker dealer registered with the = Securities and=20 Exchange Commission, except that the foregoing restriction shall = not apply=20 to:

(i) Negotiated transactions involving more than one percent of = the=20 outstanding stock in the class of stock; or

(ii) Purchases of stock made by and held by any tax-qualified = or=20 non-tax-qualified employee stock benefit plan of the association = even if=20 such stock is attributable to insiders of the association or their = associates;

(15) Provide that stock purchased by insiders of the = association and=20 their associates in the proposed issuance shall not be sold for a = period=20 of at least one year following the date of purchase, except in the = case of=20 death of the insider or associate;

(16) Provide that, in connection with stock subject to = restriction on=20 sale for a period of time:

(i) Each certificate for such stock shall bear a legend giving=20 appropriate notice of such restriction;

(ii) Appropriate instructions shall be issued to the = association's=20 transfer agent with respect to applicable restrictions on transfer = of such=20 stock; and

(iii) Any shares issued as a stock dividend, stock split, or = otherwise=20 with respect to any such restricted stock shall be subject to the = same=20 restrictions as apply to the restricted stock;

(17) Provide that the association will not offer or sell any of = the=20 stock proposed to be issued to any person whose purchase would be = financed=20 by funds loaned, directly or indirectly, to the person by the=20 association;

(18) Provide that, if necessary, the association's charter will = be=20 amended to authorize issuance of the stock and attach and = incorporate by=20 reference the text of any such amendment;

(19) Provide that the expenses incurred in connection with the = issuance=20 shall be reasonable;

(20) Provide that the Stock Issuance Plan, if proposed as part = of a=20 Reorganization Plan, may be amended or terminated in the same = manner as=20 the Reorganization Plan. Otherwise, the Stock Issuance Plan shall = provide=20 that it may be substantively amended by the board of directors of = the=20 issuing association as a result of comments from regulatory = authorities or=20 otherwise prior to approval of the Plan by the OTS, and at any = time=20 thereafter with the concurrence of the OTS; and that the Stock = Issuance=20 Plan may be terminated by the board of directors at any time prior = to=20 approval of the Plan by the OTS, and at any time thereafter with = the=20 concurrence of the OTS;

(21) Provide that, unless an extension is granted by the OTS, = the Stock=20 Issuance Plan shall be terminated if not completed within 90 days = of:

(i) The date of such approval; or

(ii) For stock issuances subject to the offering circular = requirements=20 of part 563g of this chapter, the date on which the offering = circular was=20 declared effective by the OTS; and

(22) Provide that the association may make scheduled = discretionary=20 contributions to a tax-qualified employee stock benefit plan = provided such=20 contributions do not cause the association to fail to meet any of = its=20 regulatory capital requirements.

(b) Optional provisions. A Stock Issuance Plan may:

(1) Provide that, in the event the proposed stock issuance is = part of a=20 Reorganization Plan, the stock offering may be commenced = concurrently with=20 or at any time after the mailing to the members of the = reorganizing=20 association and any acquiree association of any proxy statement(s) = authorized for use by the OTS. The offering may be closed before = the=20 required membership vote(s), provided the offer and sale of the = stock=20 shall be conditioned upon the approval of the Reorganization Plan = and=20 Stock Issuance Plan by the members of the reorganizing association = and any=20 acquiree association;

(2) Provide that any insignificant residue of stock of the = association=20 not sold in the offering may be sold in such other manner as = provided in=20 the Stock Issuance Plan, with the OTS's approval;

(3) Provide that the association may issue and sell, in lieu of = shares=20 of its stock, units of securities consisting of stock and = long-term=20 warrants or other equity securities, in which event any reference = in the=20 provisions of this section and in =A7575.7 of this part to stock = shall apply=20 to such units of equity securities unless the context otherwise = requires;=20 or

(4) Provide that the association may reserve shares = representing up to=20 ten percent of the proposed offering for issuance in connection = with an=20 employee stock benefit plan.

(c) Applicability of provisions of =A7563b.500(a) to = minority stock=20 issuances. Notwithstanding =A7575.7(d) of this section, = =A7563b.500(a)(2)=20 and (3) do not apply to minority stock issuances, because the = permissible=20 sizes of ESOPs, MRPs, and Option Plans in minority stock issuances = are=20 subject to each of the requirements set forth at paragraphs (a)(3) = through=20 (a)(9) of this section. Section 563b.500, paragraphs (a)(4) = through (14),=20 apply for one year after the savings association engages in a = minority=20 stock issuance that is conducted in accordance with the purchase=20 priorities set forth in part 563b. In addition to the shareholder = vote=20 requirement for Option Plans and MRPs set forth at = =A7563b.500(a)(6), any=20 Option Plans and MRPs put to a shareholder vote after a minority = stock=20 issuance that is conducted in accordance with the purchase = priorities set=20 forth in part 563b must be approved by a majority of the votes = cast by=20 stockholders other than the mutual holding company.

[58 FR 44114, Aug. 19, 1993, as amended at 67 FR 52035, Aug. 9, = 2002;=20 72 FR 35150, June 27, 2007]

=A7 575.9   Charters and bylaws for mutual = holding=20 companies and their savings association subsidiaries.
=20 top

(a) Charters and bylaws for mutual holding companies = =97(1)=20 Charters. The charter of a mutual holding company shall be = in the=20 form set forth in this paragraph (a)(1) and may include any of the = additional provisions permitted pursuant to paragraph (a)(2) of = this=20 section.

Charter

Section 1: Corporate title. The name of the mutual = holding=20 company is ___(the =93Mutual Company=94).

Section 2: Duration. The duration of the Mutual Company = is=20 perpetual.

Section 3: Purpose and powers. The purpose of the Mutual = Company=20 is to pursue any or all of the lawful objectives of a federal = mutual=20 savings and loan holding company chartered under section 10(o) of = the Home=20 Owners' Loan Act, 12 U.S.C. 1467a(o), and to exercise all of the = express,=20 implied, and incidental powers conferred thereby and all acts = amendatory=20 thereof and supplemental thereto, subject to the Constitution and = the laws=20 of the United States as they are now in effect, or as they may = hereafter=20 be amended, and subject to all lawful and applicable rules, = regulations,=20 and orders of the Office of Thrift Supervision (=93OTS=94).

Section 4: Capital. The Mutual Company shall have no = capital=20 stock.

Section 5: Members. [The content of this section 5 shall = be=20 identical to the content of the parallel section in the charter of = the=20 reorganizing association, with the following exceptions: (A) Any=20 provisions conferring membership rights upon borrowers of the = reorganizing=20 association shall be eliminated and replaced with provisions=20 grandfathering those rights in accordance with 12 CFR 575.5; and = (B)=20 appropriate changes shall be made to indicate that membership = rights in=20 the mutual holding company derive from deposit accounts in and, to = the=20 extent of any grandfather provisions, borrowings from the = resulting=20 association. Set forth below is an example of how section 5 should = appear=20 in the charter of a mutual holding company formed by a = reorganizing=20 association whose charter conforms to the model charter prescribed = for=20 federal mutual savings associations for calendar year 1989. = Additional=20 changes to this section 5 may be required whenever a mutual = holding=20 company reorganization involves an acquiree association, or a = mutual=20 holding company makes a post-reorganization acquisition of a = mutual=20 savings association, so as to preserve the membership rights of = the=20 members of the acquired association consistent with 12 CFR = 575.5.]

All holders of the savings, demand, or other authorized = accounts of=20 ______[insert the name of the resulting association] (the = =93Association=94)=20 are members of the Mutual Company. With respect to all questions = requiring=20 action by the members of the Mutual Company, each holder of an = account in=20 the Association shall be permitted to cast one vote for each $100, = or=20 fraction thereof, of the withdrawal value of the member's account. = In=20 addition, borrowers from the Association as of ______[insert the = date of=20 the reorganization or any earlier date as of which new borrowings = ceased=20 to result in membership rights] shall be entitled to one vote for = the=20 period of time during which such borrowings are in existence. [The = foregoing sentence should be included only if the charter of the=20 reorganizing association confers voting rights on any borrowers.] = No=20 member, however, shall cast more than one thousand votes. All = accounts=20 shall be nonassessable.

Section 6. Directors. The Mutual Company shall be under = the=20 direction of a board of directors. The authorized number of = directors=20 shall not be fewer than five nor more than fifteen, as fixed in = the Mutual=20 Company's bylaws, except that the number of directors may be = decreased to=20 a number less than five or increased to a number greater than = fifteen with=20 the prior approval of the Director of the Office or his or her=20 delegate.

Section 7: Capital, surplus, and distribution of earnings. = [The=20 content of this section 7 shall be identical to the content of the = parallel section in the charter of the reorganizing association, = except=20 for changes made to indicate that distribution rights in the = mutual=20 holding company derive from deposit accounts in the resulting = association,=20 any changes required to provide that the Director of the OTS shall = be the=20 approving authority in instances where the charter requires = regulatory=20 approval of distributions, and any other changes necessary to = accommodate=20 the mutual holding company format. Set forth below is an example = of how=20 section 7 should appear in the charter of a mutual holding company = formed=20 by a reorganizing association whose charter conforms to the model = charter=20 prescribed for federal mutual savings associations for calendar = year 1989.=20 Additional changes to this section 7 may be required whenever a = mutual=20 holding company reorganization involves an acquiree association, = or a=20 mutual holding company makes a post-reorganization acquisition of = a mutual=20 savings association, so as to preserve the membership rights of = the=20 members of the acquired association consistent with 12 CFR = 575.5.]

The Mutual Company shall distribute net earnings to account = holders of=20 the Association on such basis and in accordance with such terms = and=20 conditions as may from time to time be authorized by the Director = of the=20 OTS, provided that the Mutual Company may establish minimum = account=20 balance requirements for account holders to be eligible for = distributions=20 of earnings.

All holders of accounts of the Association shall be entitled to = equal=20 distribution of the assets of the Mutual Company, pro rata = to the=20 value of their accounts in the Association, in the event of = voluntary or=20 involuntary liquidation, dissolution, or winding up of the Mutual=20 Company.

Section 8. Amendment. Adoption of any preapproved = charter=20 amendment shall be effective after such preapproved amendment has = been=20 approved by the members at a legal meeting. Any other amendment, = addition,=20 change, or repeal of this charter must be approved by the Office = prior to=20 approval by the members at a legal meeting and shall be effective = upon=20 filing with the Office in accordance with regulatory=20 procedures.

Attest:____________________

      Secretary of the=20 Association

By:____________________

      President or Chief = Executive=20 Officer of the Association

Attest:____________________

      Secretary of the Office of = Thrift=20 Supervision

By:____________________

      Director of the Office of = Thrift=20 Supervision

Effective Date:____________________

(2) Charter amendments. The rules and regulations set = forth in=20 =A7544.2 of this chapter regarding charter amendments and = reissuances of=20 charters (including delegations and filing instructions) shall be=20 applicable to mutual holding companies to the same extent as if = mutual=20 holding companies were Federal mutual savings associations, except = that,=20 with respect to the pre-approved charter amendments set forth in = =A7544.2 of=20 this chapter, =A7=A7544.2(b)(1) and (b)(3) of this chapter shall = not apply to=20 mutual holding companies, and mutual holding companies changing = their=20 corporate title pursuant to =A7544.2(b)(2) of this chapter shall = be required=20 to comply with =A7575.9(a)(3) of this part as well as =A7543.1(b) = of this=20 chapter.

(3) Corporate title. The corporate title of each mutual = holding=20 company shall include the term =93mutual=94 or the abbreviation = =93M.H.C.=94

(4) Bylaws. The rules and regulations set forth in = =A7544.5 of=20 this chapter regarding bylaws (including their content, any = amendments=20 thereto, delegations, and filing instructions) shall be applicable = to=20 mutual holding companies to the same extent as if mutual holding = companies=20 were federal mutual savings associations. The model bylaws for = Federal=20 mutual savings associations set forth in the OTS Applications = Processing=20 Handbook shall also serve as the model bylaws for mutual holding=20 companies, except that the term =93association=94 each time it = appears therein=20 shall be replaced with the term =93Mutual Company=94; section = 11(e) (extending=20 leniency to borrowing members) and section 11(f) (rejection of=20 applications for accounts or membership) shall be removed and the=20 remaining paragraphs of section 12 redesignated accordingly.

(5) Availability of charter and bylaws. A mutual holding = company=20 shall make available to its members at all times in the offices of = each=20 subsidiary savings association from which the mutual holding = company draws=20 members a true copy of its charter and bylaws, including any = amendments,=20 and shall deliver such a copy to any member upon request. Mutual = holding=20 companies shall also be subject to the provisions of =A7544.8 of = this=20 chapter.

(b) Charters and bylaws of subsidiary savings associations = of mutual=20 holding companies. Except as specified otherwise by the OTS in = any=20 notice of intent not to disapprove a mutual holding company = reorganization=20 or in any regulation or order, each subsidiary savings association = of a=20 mutual holding company shall be subject to the same rules and = regulations=20 regarding charters and bylaws as are applicable to stock savings=20 associations that are chartered by the OTS, 12 CFR part 552, or by = the=20 appropriate state chartering authority, as the case may be, = provided=20 that the charter of each resulting association, each acquiree=20 association, and each mutual savings association that is acquired = by a=20 mutual holding company shall contain the provision set forth = below:

In any situation in which the priority of the accounts of the=20 association is in controversy, all such accounts shall, to the = extent of=20 their withdrawable value, be debts of the association having at = least as=20 high a priority as the claims of general creditors of the = association not=20 having priority (other than any priority arising or resulting from = consensual subordination) over other general creditors of the=20 association.

(c) Approval of charters and bylaws of mutual holding = companies and=20 their savings association subsidiaries in connection with = Reorganization=20 Plans. (1) Issuance by the OTS of a notice of intent not to = disapprove=20 a reorganization pursuant to =A7575.3(b) of this part, or failure = by the OTS=20 to disapprove such a reorganization within the time prescribed in=20 =A7575.3(b) of this part, shall be deemed to constitute:

(i) Approval pursuant to =A7575.3(d) of this part and this = section for=20 the reorganizing association to amend its charter and bylaws in = their=20 entirety to read in the form of the mutual holding company charter = and=20 bylaws proposed in the Reorganization Notice (as modified by any=20 conditions imposed by the OTS in its notice of intent not to = disapprove or=20 paragraph (c)(2) of this section and subject to paragraph (c)(5) = of this=20 section);

(ii) If the Reorganization Plan provides that the resulting = association=20 is to be federally chartered, approval pursuant to 12 U.S.C. 1464 = (a) and=20 (e) and =A7=A7552.2=961 and 552.2=962 of this chapter of the = organization of the=20 resulting association and the proposed charter and bylaws of such=20 association (as modified by any conditions imposed by the OTS in = its=20 notice of intent not to disapprove or by paragraph (c)(2) of this = section=20 and subject to paragraph (c)(5) of this section); and

(iii) If the Reorganization Plan provides that the acquiree = association=20 is to be federally chartered, approval pursuant to =A7552.4 of = this chapter=20 of the amendment of the existing charter of the acquiree = association in=20 its entirety to read in the form of the proposed charter and = bylaws of=20 such association (as modified by any conditions imposed by the OTS = in its=20 notice of intent not to disapprove or paragraph (c)(2) of this = section and=20 subject to paragraph (c)(5) of this section).

(2) In the event the charter and bylaws of a mutual holding = company and=20 of any federally-chartered resulting association or acquiree = association=20 are approved pursuant to paragraph (c)(1) of this section due to = failure=20 of the OTS to disapprove a Reorganization Notice within the time=20 prescribed in =A7575.3(b) of this part, such approval shall be = subject to=20 the condition that such charter(s) and bylaws shall conform in = every=20 particular to the model charter(s) and bylaws for mutual holding = companies=20 and/or federal stock savings associations, as the case may be, as = set=20 forth in the OTS's regulations.

(3) Promptly after approval of the amendment of the charter of = a=20 reorganizing association to read in the form of a mutual holding = company=20 charter pursuant to paragraph (c)(1) of this section, the OTS = shall issue=20 an executed copy of such charter to the reorganizing association. = Such=20 charter shall not become effective until consummation of the=20 Reorganization Plan, at which point in time it shall replace and = nullify=20 the charter of the reorganizing association. The charter of the=20 reorganizing association shall be surrendered to the OTS within = five days=20 after consummation of the Reorganization Plan. If the = Reorganization Plan=20 is terminated for any reason, the charter of the mutual holding = company=20 shall become immediately null and void and shall be returned to = the OTS=20 within five days.

(4) Promptly after approval of any federal charter for a = resulting=20 association pursuant to paragraph (c)(1) of this section or = approval of=20 the amendment of any federal charter of an acquiree association = pursuant=20 to paragraph (c)(1) of this section, the OTS shall issue an = executed copy=20 of such charter(s) to the reorganizing association and/or the = acquiree=20 association, as the case may be.

(i) Prior to consummation of the Reorganization Plan, the = resulting=20 association (whether chartered under federal or state law) shall=20 constitute an interim savings association subsidiary of the = reorganizing=20 association and shall not accept any deposits or engage in any = other=20 business activities except for those activities necessary to = consummate=20 the Reorganization Plan. If the Reorganization Plan is terminated = for any=20 reason, the charter of the resulting association shall immediately = become=20 null and void and, if the resulting association is federally = chartered,=20 the charter shall be returned to the OTS within five days.

(ii) Any amended charter issued to an acquiree association = (whether by=20 the OTS or the appropriate state authority) shall not become = effective=20 until consummation of the Reorganization Plan, at which point in = time it=20 shall replace and nullify the prior charter of the acquiree = association.=20 The prior charter of any federally-chartered acquiree association = shall be=20 surrendered to the OTS within five days after consummation of the=20 Reorganization Plan. If the Reorganization Plan is terminated for = any=20 reason, the amended charter of the acquiree association shall = become=20 immediately null and void and, if the acquiree association is = federally=20 chartered, the amended charter shall be returned to the OTS within = five=20 days.

(5) Approval of the amendment of the charter and bylaws of the=20 reorganizing association to read in the form of the charter and = bylaws of=20 a mutual holding company and of any acquiree association to read = in the=20 form of a stock association and approval of the organization of = any=20 resulting association and of its charter and bylaws pursuant to = paragraph=20 (c)(1) of this section shall be subject to any conditions = subsequent that=20 the OTS may impose in connection therewith or with its notice of = intent=20 not to disapprove the reorganization.

[58 FR 44114, Aug. 19, 1993, as amended at 61 FR 64021, Dec. 3, = 1996;=20 62 FR 66264, Dec. 18, 1997]

=A7 575.10   Acquisition and disposition = of savings=20 associations, savings and loan holding companies, and other = corporations=20 by mutual holding companies.
=20 top

(a) Acquisitions=97 (1) Stock savings associations. = A=20 mutual holding company may acquire control of a savings = association that=20 is in the stock form, provided the necessary approvals are = obtained from=20 the OTS, including (without limitation) approval pursuant to part = 574 of=20 this chapter and, if the acquisition involves a merger or transfer = of=20 assets or liabilities, approval pursuant to =A7=A7552.13, 563.22, = and part 546=20 of this chapter, as appropriate.

(2) Mutual savings associations. A mutual holding = company may=20 acquire a savings association in the mutual form by merger of such = association into any subsidiary savings association of such = holding=20 company from which the parent mutual holding company draws members = or into=20 an interim savings association subsidiary of the mutual holding = company,=20 provided:

(i) The proposed acquisition is approved by a majority of the = board of=20 directors of the mutual association;

(ii) The proposed acquisition is submitted to the mutual = association's=20 members pursuant to a proxy statement authorized for use by the = OTS and=20 such acquisition is approved by a majority of the total votes of = the=20 association's members eligible to be cast at a meeting held at the = call of=20 the association's directors in accordance with the procedures = prescribed=20 by the association's charter and bylaws;

(iii) The necessary approvals are obtained from the OTS, = including=20 (without limitation) approval pursuant to part 574 of this chapter = and=20 =A7=A7552.13, 563.22, and part 546 of this chapter, as = appropriate, and any=20 approvals required to form an interim association, to amend the = charter=20 and bylaws of the association being acquired, and/or to amend the = charter=20 and bylaws of the mutual holding company consistent with 575.6(a) = of this=20 part; and

(iv) The approval of the members of the mutual holding company = is=20 obtained, if the OTS advises the mutual holding company in writing = that=20 such approval will be required.

(3) Mutual holding companies. A mutual holding company = that is=20 not a subsidiary holding company may acquire control of another = mutual=20 holding company, including a subsidiary holding company, by = merging with=20 or into such company, provided the necessary approvals are = obtained from=20 the OTS, including (without limitation) approval pursuant to part = 574 of=20 this chapter. The approval of the members of the mutual holding = companies=20 shall also be obtained if the OTS advises the mutual holding = companies in=20 writing that such approval will be required.

(4) Stock holding companies. A mutual holding company = may=20 acquire control of a savings and loan holding company in the stock = form=20 that is not a subsidiary holding company, provided the necessary = approvals=20 are obtained from the OTS, including (without limitation) approval = pursuant to part 574 of this chapter. The acquired holding company = may be=20 held as a subsidiary of the mutual holding company or merged into = the=20 mutual holding company.

(5) Non-controlling acquisitions of savings association = stock. A=20 mutual holding company may acquire non-controlling amounts of the = stock of=20 savings associations and savings and loan holding companies = subject to the=20 restrictions imposed by 12 U.S.C. 1467a(e) and (q) and =A7=A7574.8 = and 584.4=20 of this chapter.

(6) Other corporations. A mutual holding company may = acquire=20 control of, and make non-controlling investments in the stock of, = any=20 corporation other than a savings association or savings and loan = holding=20 company only if:

(i) (A) Such corporation is engaged exclusively in activities = that are=20 permissible for mutual holding companies pursuant to =A7575.11(a) = of this=20 part; or

(B) It is lawful for the stock of such corporation to be = purchased by a=20 federal savings association under part 559 of this chapter or by a = state=20 savings association under the law of any state where any = subsidiary=20 savings association of the mutual holding company has its home = office;=20 and

(ii) Such corporation is not controlled, directly or = indirectly, by a=20 savings association subsidiary of the mutual holding company.

(b) Dispositions. (1) A mutual holding company shall = provide=20 written notice to the OTS at least 30 days prior to the effective = date of=20 any direct or indirect transfer of any of the stock that it holds = in a=20 subsidiary holding company, a resulting association, an acquiree=20 association, or any subsidiary savings association that was in the = mutual=20 form when acquired by the mutual holding company, including stock=20 transferred in connection with a pledge pursuant to =A7575.11(b) = or any=20 transfer of all or a substantial portion of the assets or = liabilities of=20 any such subsidiary holding company or association. Any such = disposition=20 shall comply with the requirements of this part or with part 563b = of this=20 chapter, as appropriate, and with any other applicable statute or=20 regulation including, without limitation, parts 546, 563 and 574 = of this=20 chapter.

(2) A mutual holding company may, subject to applicable laws = and=20 regulations, transfer any or all of the stock or cause or permit = the=20 transfer of any or all of the assets and liabilities of:

(i) Any subsidiary savings association that was in the stock = form when=20 acquired, provided such association is not a resulting association = or an=20 acquiree association;

(ii) Any subsidiary savings and loan holding company acquired = pursuant=20 to paragraph (a)(4) of this section; or

(iii) Any corporation other than a savings association or = savings and=20 loan holding company.

(3) A mutual holding company may, subject to applicable laws = and=20 regulations, transfer any stock acquired pursuant to paragraph = (a)(5) of=20 this section.

(4) No transfer authorized by this section may be made to any = insider=20 of the mutual holding company, any associate of an insider of the = mutual=20 holding company, or any tax-qualified or non-tax-qualified = employee stock=20 benefit plan of the mutual holding company unless the mutual = holding=20 company provides notice to the OTS at least 30 days prior to the = effective=20 date of the proposed transfer. This notice shall be in addition to = any=20 other application or notice required under applicable laws or = regulations,=20 including, without limitation, this part and parts 563, 563b, 574 = of this=20 chapter.

[58 FR 44114, Aug. 19, 1993, as amended at 60 FR 66720, Dec. = 26, 1995;=20 63 FR 11365, Mar. 9, 1998]

=A7 575.11   Operating = restrictions.
=20 top

(a) Activities restrictions. A mutual holding company = may engage=20 in any business activity specified in 12 U.S.C. 1467a(c)(2) or=20 (c)(9)(A)(ii). In addition, the business activities of = subsidiaries of=20 mutual holding companies may include the activities specified in=20 =A7575.10(a)(6) of this part. A mutual holding company or its = subsidiaries=20 may engage in the foregoing activities only upon compliance with = the=20 procedures specified in =A7=A7584.2=961(c) or 584.2=962(b) of this = chapter.

(b) Pledging stock. (1) No mutual holding company may = pledge the=20 stock of its resulting association, an acquiree association, or = any=20 subsidiary savings association that was in the mutual form when = acquired=20 by the mutual holding company (or its parent mutual holding = company),=20 unless the proceeds of the loan secured by the pledge are infused = into the=20 association whose stock is pledged. No mutual holding company may = pledge=20 the stock of its subsidiary holding company unless the proceeds of = the=20 loan secured by the pledge are infused into any savings = association=20 subsidiary of the subsidiary holding company that is a resulting=20 association, an acquiree association, or a subsidiary savings = association=20 that was in the mutual form when acquired by the subsidiary = holding=20 company (or its parent mutual holding company). In the event the=20 subsidiary holding company has more than one savings association=20 subsidiary, the loan proceeds shall, unless otherwise approved by = the OTS,=20 be infused in equal amounts to each savings association = subsidiary. Any=20 amount of the stock of such association or subsidiary holding = company may=20 be pledged for these purposes. Nothing in this paragraph (b)(1) = shall be=20 deemed to prohibit:

(i) The payment of dividends from a subsidiary savings = association to=20 its mutual holding company parent to the extent otherwise = permissible;=20 or

(ii) The payment of dividends from a subsidiary holding company = to its=20 mutual holding company parent to the extent otherwise permissible; = or

(iii) A mutual holding company from pledging the stock of more = than one=20 savings association subsidiary provided that the stock pledged of = each=20 such subsidiary association is proportionate to the proceeds of = the loan=20 infused into each subsidiary association.

(2) Within 10 days after its pledge of stock pursuant to = paragraph=20 (b)(1) of this section, a mutual holding company shall provide = written=20 notice to the OTS regarding the terms of the transaction = (including the=20 amount of principal and interest, repayment terms, maturity date, = the=20 nature and amount of collateral, and the terms governing seizure = of the=20 collateral) and shall include in such notice a certification that = the=20 proceeds of the loan have been transferred to the subsidiary = savings=20 association whose stock (or the stock of its parent subsidiary = holding=20 company) has been pledged.

(3) Any mutual holding company that fails to make any payment = on a loan=20 secured by the pledge of stock pursuant to paragraph (b)(1) of = this=20 section on or before the date on which such payment is due shall, = on the=20 first day after such payment is due, provide written notice of = nonpayment=20 to the Regional Director.

(c) Restrictions on stock repurchases. (1) No subsidiary = savings=20 association of a mutual holding company that has any stockholders = other=20 than the association's mutual holding company and no subsidiary = holding=20 company that has any stockholders other than its parent mutual = holding=20 company may repurchase any share of stock within one year of its = date of=20 issuance (which may include the time period the shares issued by = the=20 savings association were outstanding if the subsidiary holding = company was=20 formed after the initial issuance by the savings association), = unless the=20 repurchase:

(i) Is in compliance with =A7563b.510 of this chapter;

(ii) Is part of a general repurchase made on a pro rata basis = pursuant=20 to an offer approved by the OTS and made to all stockholders of = the=20 association or subsidiary holding company (except that the parent = mutual=20 holding company may be excluded from the repurchase with the OTS'=20 approval);

(iii) Is limited to the repurchase of qualifying shares of a = director;=20 or

(iv) Is purchased in the open market by a tax-qualified or=20 non-tax-qualified employee stock benefit plan of the savings = association=20 (or of a subsidiary holding company) in an amount reasonable and=20 appropriate to fund such plan.

(2) No mutual holding company may purchase shares of its = subsidiary=20 savings association or subsidiary holding company within one year = after a=20 stock issuance, except if the purchase complies with =A7563b.510 = of this=20 chapter. For purposes of this subsection, the reference in = =A7563b.510 of=20 this chapter to five percent refers to minority shareholders.

(d) Restrictions on waiver of dividends. No mutual = holding=20 company may waive its right to receive any dividend declared by a=20 subsidiary unless either:

(1) No insider of the mutual holding company, associate of an = insider,=20 or tax-qualified or non-tax-qualified employee stock benefit plan = of the=20 mutual holding company holds any share of stock in the class of = stock to=20 which the waiver would apply; or

(2) The mutual holding company provides the OTS with written = notice of=20 its intent to waive its right to receive dividends 30 days prior = to the=20 proposed date of payment of the dividend, and the OTS does not = object. The=20 OTS shall not object to a notice of intent to waive dividends = if:

(i) The waiver would not be detrimental to the safe and sound = operation=20 of the savings association; and

(ii) The board of directors of the mutual holding company = expressly=20 determines that waiver of the dividend by the mutual holding = company is=20 consistent with the directors' fiduciary duties to the mutual = members of=20 such company. A dividend waiver notice shall include a copy of the = resolution of the board of directors of the mutual holding = company, in=20 form and substance satisfactory to the OTS, together with any = supporting=20 materials relied upon by the board, concluding that the proposed = dividend=20 waiver is consistent with the board's fiduciary duties to the = mutual=20 members of the mutual holding company.

(3) The OTS will not consider waived dividends in determining = an=20 appropriate exchange ratio in the event of a full conversion to = stock=20 form.

(e) Restrictions on issuance of stock to insiders. A = subsidiary=20 of a mutual holding company that is not a savings association or=20 subsidiary holding company may issue stock to any insider, = associate of an=20 insider or tax-qualified or non-tax-qualified employee stock = benefit plan=20 of the mutual holding company or any subsidiary of the mutual = holding=20 company, provided that such persons or plans provide written = notice to the=20 OTS at least 30 days prior to the stock issuance, and OTS does not = object=20 to the subsequent stock issuance. Subsidiary savings associations = and=20 subsidiary holding companies may issue stock to such persons only = in=20 accordance with =A7575.7.

(f) Restrictions on indemnification. The provisions of = =A7545.121=20 of this chapter shall apply to mutual holding companies in the = same manner=20 as if they were federal savings associations.

(g) Restrictions on employment contracts. The provisions = of=20 =A7563.39 of this chapter and any policies of the OTS thereunder = shall apply=20 to mutual holding companies in the same manner as if they were = savings=20 associations.

(h) Applicability of rules governing savings and loan = holding=20 companies. Except as expressly provided in this part, mutual = holding=20 companies shall be subject to the provisions of 12 U.S.C. 1467a = and 3201=20 et seq. and parts 563e, 574, 583, and 584 of this = chapter.

(i) Separate vote for charitable organization contribution. = In a=20 mutual holding company stock issuance, a separate vote of a = majority of=20 the outstanding shares of common stock held by stockholders other = than the=20 mutual holding company or subsidiary holding company must approve = any=20 charitable organization contribution.

[58 FR 44114, Aug. 19, 1993, as amended at 60 FR 66720, Dec. = 26, 1995;=20 63 FR 11365, Mar. 9, 1998; 65 FR 43091, July 12, 2000; 67 FR = 52036, Aug.=20 9, 2002]

=A7 575.12   Conversion or liquidation of = mutual=20 holding companies.
=20 top

(a) Conversion =97(1) Generally. A mutual holding = company=20 may convert to the stock form in accordance with the rules and = regulations=20 set forth in part 563b of this chapter.

(2) Exchange of savings association stock. Any stock issued = pursuant to=20 =A7575.7 by a subsidiary savings association or subsidiary holding = company=20 of a mutual holding company to persons other than the parent = mutual=20 holding company may be exchanged for the stock issued by the = parent mutual=20 holding company in connection with the conversion of the parent = mutual=20 holding company to stock form. The parent mutual holding company = and the=20 subsidiary holding company or savings association must demonstrate = to the=20 satisfaction of the OTS that the basis for the exchange is fair = and=20 reasonable.

(3) If a subsidiary holding company or subsidiary savings = association=20 has issued shares to an entity other than the mutual holding = company, the=20 conversion of the mutual holding company to stock form may not be=20 consummated unless a majority of the shares issued to entities = other than=20 the mutual holding company vote in favor of the conversion. This=20 requirement applies in addition to any otherwise required account = holder=20 or shareholder votes.

(b) Involuntary liquidation. (1) The OTS may file a = petition=20 with the federal bankruptcy courts requesting the liquidation of a = mutual=20 holding company pursuant to 12 U.S.C. 1467a(o)(9) and title 11, = United=20 States Code, upon the occurrence of any of the following = events:

(i) The default of the resulting association, any acquiree = association,=20 or any subsidiary savings association of the mutual holding = company that=20 was in the mutual form when acquired by the mutual holding = company;

(ii) The default of the parent mutual holding company or its = subsidiary=20 holding company; or

(iii) Foreclosure on any pledge by the mutual holding company = of=20 subsidiary savings association stock or subsidiary holding company = stock=20 pursuant to =A7575.11(b).

(2) Except as provided in paragraph (b)(3) of this section, the = net=20 proceeds of any liquidation of any mutual holding company shall be = transferred to the members of the mutual holding company or the = stock=20 holders of the subsidiary holding company in accordance with the = charter=20 of the mutual holding company or subsidiary holding company.

(3) If the FDIC incurs a loss as a result of the default of any = savings=20 association subsidiary of a mutual holding company and that mutual = holding=20 company is liquidated pursuant to paragraph (b)(1) of this = section, the=20 FDIC shall succeed to the membership interests of the depositors = of such=20 savings association in the mutual holding company, to the extent = of the=20 FDIC's loss.

(c) Voluntary liquidation. The provisions of =A7546.4 of = this=20 chapter shall apply to mutual holding companies in the same manner = as if=20 they were federal savings associations.

[58 FR 44114, Aug. 19, 1993, as amended at 63 FR 11366, Mar. 9, = 1998;=20 67 FR 52036, Aug. 9, 2002]

=A7 575.13   Procedural = requirements.
=20 top

(a) Proxies and proxy statements =97(1) Solicitation = of=20 proxies. The provisions of =A7=A7563b.225 to 563b.295 of this = chapter=20 shall apply to all solicitations of proxies by any person in = connection=20 with any membership vote required by this part. OTS must authorize = all=20 proxy materials used in connection with such solicitations. Proxy=20 materials must be in the form and contain the information = specified in=20 =A7=A7563b.255 and 563b.270 of this chapter and Form PS, to the = extent such=20 information is relevant to the action that members are being asked = to=20 approve, with such additions, deletions, and other modifications = as are=20 necessary or appropriate under the disclosure standard set forth = in=20 =A7563b.280 of this chapter. File proxies and proxy statements in = accordance=20 with =A7563b.155 of this chapter and address them to the Business=20 Transactions Division, Chief Counsel's Office, Office of Thrift=20 Supervision, at the address set forth in =A7516.40 of this = chapter. For=20 purposes of this paragraph (a)(1), the term conversion, as = it=20 appears in the provisions of part 563b of this chapter cited above = in this=20 paragraph (a)(1), refers to the reorganization or the = stock=20 issuance, as appropriate.

(2) Additional proxy disclosure requirements. In = addition to all=20 disclosure required by Form PS, all proxies requesting = accountholder=20 approval of a mutual holding company reorganization shall address = in=20 detail:

(i) The reasons for the reorganization, including the relative=20 advantages and disadvantages of undertaking the transaction = proposed=20 instead of a standard conversion;

(ii) Whether management believes the reorganization is in the = best=20 interests of the association and its accountholders and the basis = of that=20 belief;

(iii) The fiduciary duties owed to accountholders by the = association's=20 officers and directors and why the reorganization is in accord = with those=20 duties and is otherwise equitable to the accountholders and the=20 association;

(iv) Any compensation agreements that will be entered into by=20 management in connection with the reorganization; and

(v) Whether the mutual holding company intends to waive = dividends, the=20 implications to accountholders, and the reasons such waivers are=20 consistent with the fiduciary duties of the directors of the = mutual=20 holding company.

(3) Nonconforming minority stock issuances. Savings = associations=20 proposing non-conforming minority stock issuances pursuant to=20 =A7575.7(d)(6)(ii)(2) of this part must include in the proxy = materials to=20 accountholders seeking approval of a proposed reorganization an = additional=20 disclosure statement that serves as a cover sheet that clearly=20 addresses:

(i) The consequences to accountholders of voting to approve a=20 reorganization in which their subscription rights are prioritized=20 differently and potentially eliminated; and

(ii) Any intent by the mutual holding company to waive = dividends, and=20 the implications to accountholders.

(4) Use of =93running=94 proxies. A mutual savings = association or=20 mutual holding company may make use of any proxy conferring = general=20 authority to vote on any and all matters at any meeting of = members,=20 provided that the member granting such proxy has been furnished a = proxy=20 statement regarding the matters and the member does not grant a=20 later-dated proxy to vote at the meeting at which the matter will = be=20 considered or attend such meeting and vote in person, and further = provided=20 that =93running=94 proxies or similar proxies may not be used to = vote for a=20 mutual holding company reorganization, mutual-to-stock conversion=20 undertaken either by a mutual savings association or a mutual = holding=20 company or any other material transaction. Subject to the = limitations set=20 forth in this paragraph, any proxy conferring on the board of = directors or=20 officers of a mutual savings association general authority to cast = a=20 member's votes on any and all matters presented to the members = shall be=20 deemed to cover the member's votes as a member of the mutual = holding=20 company and such authority shall be conferred on the board of = directors or=20 officers of a mutual holding company.

(b) Applications under this part. Except as provided in=20 paragraph (c) of this section, any application, notice or = certification=20 required to be filed with OTS under this part must be filed in = accordance=20 with part 516, subpart A of this chapter.

(c) Reorganization Notices and stock issuance applications = =97(1)=20 Contents. Each Reorganization Notice submitted to the OTS = pursuant=20 to =A7575.3(b) of this part and each application for approval of = the=20 issuance of stock submitted to the OTS pursuant to =A7575.7(a) of = this part=20 shall be in the form and contain the information specified by the = OTS.

(2) Filing instructions. Any Reorganization Notice = submitted=20 under =A7575.3(b) of this part must be filed in accordance with = part 516,=20 subpart A of this chapter. Any stock issuance application = submitted=20 pursuant to =A7575.7(a) of this part shall be filed in accordance = with=20 =A7563b.150 of this chapter.

(3) Public notice, public comment, and meetings. This = part=20 imposes no requirements regarding public notice, public comment, = or=20 meetings for mutual holding company reorganizations. However, = mutual=20 holding company reorganizations under this part are subject to = applicable=20 public notice, public comment, and meeting requirements under the = Bank=20 Merger Act regulations at =A7563.22(e)(1) of this chapter and the = Savings=20 and Loan Holding Company Act regulations at =A7574.6(d) and (e) of = this=20 chapter.

(d) Amendments. Any association or mutual holding = company may=20 amend any notice or application submitted pursuant to this part or = file=20 additional information with respect thereto upon request of the = OTS or=20 upon the association's or mutual holding company's own = initiative.

(e) Time-frames. All Reorganization Notices and = applications=20 filed pursuant to this part must be processed in accordance with = standard=20 treatment processing procedures at part 516, subparts A and E. Any = related=20 approvals requested in connection with Reorganization Notices or=20 applications for approval of stock issuances (including, without=20 limitation, requests for approval to transfer assets to resulting=20 associations, to acquire acquiree associations, and to organize = resulting=20 associations or interim associations, and requests for approval of = charters, bylaws, and stock forms) shall be processed pursuant to = the=20 procedures specified in this section in conjunction with the=20 Reorganization Notice or stock issuance application to which they = pertain,=20 rather than pursuant to any inconsistent procedures specified = elsewhere in=20 this chapter. The approval standards for all such related = applications,=20 however, shall remain unchanged. The review by OTS of proxy = solicitation=20 materials, including forms of proxy and proxy statements, and of = any other=20 materials used in connection with the issuance of stock under = =A7575.7 of=20 this part must not be subject to the applications processing = time-frames=20 set forth in =A7=A7516.210 through 516.290 of this chapter.

(f) Disclosure. The rules governing disclosure of any = notice or=20 application submitted pursuant to this part, or any public comment = submitted pursuant to paragraph (c) of this section, shall be the = same as=20 set forth in =A7574.6(f) of this chapter for notices, = applications, and=20 public comments filed under part 574 of this chapter.

(g) [Reserved]

(h) Appeals. Any party aggrieved by a final action by = the OTS=20 which approves or disapproves any application or notice pursuant = to this=20 part 575 may obtain review of such action only by complying with = 12 U.S.C.=20 1467a(j).

(i) Federal preemption. This part 575 preempts state law = with=20 regard to the creation and regulation of mutual holding = companies.

[58 FR 44114, Aug. 19, 1993, as amended at 59 FR 22735, May 3, = 1994; 59=20 FR 44627, Aug. 30, 1994; 59 FR 61262, Nov. 30, 1994; 66 FR 13010, = Mar. 2,=20 2001; 67 FR 52036, Aug. 9, 2002; 69 FR 68251, Nov. 24, 2004]

=A7 575.14   Subsidiary holding=20 companies.
=20 top

(a) Subsidiary holding companies. A mutual holding = company may=20 establish a subsidiary holding company as a direct subsidiary to = hold 100%=20 of the stock of its savings association subsidiary. The formation = and=20 operation of the subsidiary holding company may not be utilized as = a means=20 to evade or frustrate the purposes of this part 575 or part 563b = of this=20 chapter. The subsidiary holding company may be established either = at the=20 time of the initial mutual holding company reorganization or at a=20 subsequent date, subject to the approval of the OTS.

(b) Stock issuances. For purposes of =A7=A7575.7 and = 575.8, the=20 subsidiary holding company shall be treated as a savings = association=20 issuing stock and shall be subject to the requirements of those = sections.=20 In the case of a stock issuance by a subsidiary holding company, = the=20 aggregate amount of outstanding common stock of the association = owned or=20 controlled by persons other than the subsidiary holding company's = mutual=20 holding company parent at the close of the proposed issuance shall = be less=20 than 50% of the subsidiary holding company's total outstanding = common=20 stock.

(c) Charters and bylaws for subsidiary holding companies = =97(1)=20 Charters. The charter of a subsidiary holding company shall = be in=20 the form set forth in this paragraph (c)(1) and may include any of = the=20 additional provisions permitted pursuant to paragraph (c)(2) of = this=20 section. The form of the charter is as follows:

Federal MHC Subsidiary Holding Company Charter

Section 1. Corporate title. The full corporate title of the MHC = subsidiary holding company is XXX.

Section 2. Domicile. The domicile of the MHC subsidiary holding = company=20 shall be in the city of _________, in the State of ______.

Section 3. Duration. The duration of the MHC subsidiary holding = company=20 is perpetual.

Section 4. Purpose and powers. The purpose of the MHC = subsidiary=20 holding company is to pursue any or all of the lawful objectives = of a=20 federal mutual holding company chartered under section 10(o) of = the Home=20 Owners' Loan Act, 12 U.S.C. 1467a(o), and to exercise all of the = express,=20 implied, and incidental powers conferred thereby and by all acts=20 amendatory thereof and supplemental thereto, subject to the = Constitution=20 and laws of the United States as they are now in effect, or as = they may=20 hereafter be amended, and subject to all lawful and applicable = rules,=20 regulations, and orders of the Office of Thrift Supervision=20 (=93Office=94).

Section 5. Capital stock. The total number of shares of all = classes of=20 the capital stock that the MHC subsidiary holding company has the=20 authority to issue is ______, all of which shall be common stock = of par=20 [or if no par is specified then shares shall have a stated] value = of=20 ______ per share. The shares may be issued from time to time as = authorized=20 by the board of directors without the approval of its = shareholders, except=20 as otherwise provided in this section 5 or to the extent that such = approval is required by governing law, rule, or regulation. The=20 consideration for the issuance of the shares shall be paid in full = before=20 their issuance and shall not be less than the par [or stated] = value.=20 Neither promissory notes nor future services shall constitute = payment or=20 part payment for the issuance of shares of the MHC subsidiary = holding=20 company. The consideration for the shares shall be cash, tangible = or=20 intangible property (to the extent direct investment in such = property=20 would be permitted to the MHC subsidiary holding company), labor, = or=20 services actually performed for the MHC subsidiary holding = company, or any=20 combination of the foregoing. In the absence of actual fraud in = the=20 transaction, the value of such property, labor, or services, as = determined=20 by the board of directors of the MHC subsidiary holding company, = shall be=20 conclusive. Upon payment of such consideration, such shares shall = be=20 deemed to be fully paid and nonassessable. In the case of a stock=20 dividend, that part of the retained earnings of the MHC subsidiary = holding=20 company that is transferred to common stock or paid-in capital = accounts=20 upon the issuance of shares as a stock dividend shall be deemed to = be the=20 consideration for their issuance.

Except for shares issued in the initial organization of the MHC = subsidiary holding company, no shares of capital stock (including = shares=20 issuable upon conversion, exchange, or exercise of other = securities) shall=20 be issued, directly or indirectly, to officers, directors, or = controlling=20 persons (except for shares issued to the parent mutual holding = company) of=20 the MHC subsidiary holding company other than as part of a general = public=20 offering or as qualifying shares to a director, unless the = issuance or the=20 plan under which they would be issued has been approved by a = majority of=20 the total votes eligible to be cast at a legal meeting.

The holders of the common stock shall exclusively possess all = voting=20 power. Each holder of shares of common stock shall be entitled to = one vote=20 for each share held by such holder, except as to the cumulation of = votes=20 for the election of directors, unless the charter provides that = there=20 shall be no such cumulative voting. Subject to any provision for a = liquidation account, in the event of any liquidation, dissolution, = or=20 winding up of the MHC subsidiary holding company, the holders of = the=20 common stock shall be entitled, after payment or provision for = payment of=20 all debts and liabilities of the MHC subsidiary holding company, = to=20 receive the remaining assets of the MHC subsidiary holding company = available for distribution, in cash or in kind. Each share of = common stock=20 shall have the same relative rights as and be identical in all = respects=20 with all the other shares of common stock.

Section 6. Preemptive rights. Holders of the capital stock of = the MHC=20 subsidiary holding company shall not be entitled to preemptive = rights with=20 respect to any shares of the MHC subsidiary holding company which = may be=20 issued.

Section 7. Directors. The MHC subsidiary holding company shall = be under=20 the direction of a board of directors. The authorized number of = directors,=20 as stated in the MHC subsidiary holding company's bylaws, shall = not be=20 fewer than five nor more than fifteen except when a greater or = lesser=20 number is approved by the Director of the Office, or his or her=20 delegate.

Section 8. Amendment of charter. Except as provided in Section = 5, no=20 amendment, addition, alteration, change or repeal of this charter = shall be=20 made, unless such is proposed by the board of directors of the MHC = subsidiary holding company, approved by the shareholders by a = majority of=20 the votes eligible to be cast at a legal meeting, unless a higher = vote is=20 otherwise required, and approved or preapproved by the=20 Office.

Attest:____________________

Secretary of the Subsidiary Holding=20 Company

By:____________________

President or Chief Executive Officer of the Subsidiary Holding=20 Company

Attest:____________________

Secretary of the Office of Thrift=20 Supervision

By:____________________

Director of the Office of Thrift Supervision

Effective=20 Date:____________________

(2) Charter amendments. The rules and regulations set = forth in=20 =A7552.4 of this chapter regarding charter amendments and = reissuances of=20 charters (including delegations and filing instructions) shall be=20 applicable to subsidiary holding companies to the same extent as = if the=20 subsidiary holding companies were Federal stock savings = associations,=20 except that, with respect to the pre-approved charter amendments = set forth=20 in =A7552.4 of this chapter, the reference to home office in = =A7552.4(b)(2) of=20 this chapter shall be deemed to refer to the domicile of the = subsidiary=20 holding company and the requirements of =A7545.95 of this chapter = shall not=20 apply to subsidiary holding companies.

(3) Bylaws. The rules and regulations set forth in = =A7552.5 of=20 this chapter regarding bylaws (including their content, any = amendments=20 thereto, delegations, and filing instructions) shall be applicable = to=20 subsidiary holding companies to the same extent as if subsidiary = holding=20 companies were federal stock savings associations. The model = bylaws for=20 Federal stock savings associations set forth in the OTS = Applications=20 Processing Handbook shall also serve as the model bylaws for = subsidiary=20 holding companies, except that the term =93association=94 each = time it appears=20 therein shall be replaced with the term =93Subsidiary Holding = Company.=94

(4) Annual reports and books and records. The rules and=20 regulations set forth in =A7=A7552.10 and 552.11 of this chapter = regarding=20 annual reports to stockholders and maintaining books and records = shall be=20 applicable to subsidiary holding companies to the same extent as = if=20 subsidiary holding companies were Federal stock savings = associations.

[63 FR 11366, Mar. 9, 1998]

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Section = 508 / Accessibility

 

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