Section 10. If a mutual holding company acquires or merges with another holding company under the provisions of clause (3) of section seven, the holding company acquired or the holding company resulting from such merger or acquisition may only invest in assets and engage in activities which are authorized under section seven. Not later than […]
Section 11. In addition to its powers under the banking laws, any subsidiary banking institution shall, with the prior approval of the commissioner and subject to such regulations as he may prescribe, have the right to issue any securities as defined in section one and to take or waive any action in connection with any […]
Section 12. A mutual company directly or indirectly controlling or owning 1 or more wholly owned stock bank subsidiaries or stock holding companies may elect to convert from a mutual holding company to a mutual banking institution organized under the original charter of its subsidiary banking institution, subject to approval of the commissioner and subject […]
Section 2. (a) Notwithstanding any general or special law to the contrary, a mutual banking institution that is a savings bank may reorganize so as to become a mutual holding company by: (1) establishing a subsidiary banking institution as a stock savings bank in accordance with section 3 and transferring to such subsidiary banking institution […]
Section 3. A mutual banking institution proposing to reorganize as a mutual holding company pursuant to this chapter shall provide the commissioner with sixty days prior written notice of such proposed reorganization. The notice shall include a copy of the plan of reorganization and shall contain such other information as the commissioner may require. Unless […]
Section 4. (a) A mutual holding company shall be governed by a board of corporators and shall further be governed in accordance with the charter and by-laws of the mutual holding company as adopted or amended in connection with the reorganization authorized under subsection (a) of section two or as amended by the corporators thereafter. […]
Section 5. The mutual banking institution proposing to form a subsidiary banking institution shall submit an application therefor to the board of banking incorporation, together with such fee as determined by the commissioner of administration annually in accordance with the provisions of section three B of chapter seven, containing such information as the board may […]
Section 6. Upon the reorganization of a mutual banking institution into a mutual holding company, the mutual holding company shall (i) continue to possess and exercise all the rights, powers and privileges, except deposit-taking powers, of a mutual banking institution and (ii) shall be subject to the limitations and restrictions imposed on bank holding companies […]
Section 7. A mutual holding company organized under this chapter may: (1) invest in the stock of 1 or more banking institutions, as defined in section 1 of chapter 167A, or a limited purpose trust company, as defined in section 1 of chapter 167I, which conducts trust and fiduciary business but does not take deposits […]
Section 8. Each mutual holding company shall register with the commissioner on forms prescribed by him which shall include such information with respect to the financial condition, operations, management and intercompany relationships of the mutual holding company and its affiliates and related matters as he may deem necessary or appropriate to carry out the purposes […]
Section 9. With the approval of the commissioner and subject to such regulations as he may prescribe, a mutual holding company established pursuant to this chapter may convert to a stock holding company.
