State Codes and Statutes

Statutes > New-york > Bnk > Article-6-c > 291

§ 291.  Required  approvals.  1.  A reorganization of a mutual savings  bank pursuant to this article shall be approved by  a  majority  of  the  board of trustees of the mutual savings bank.    2.  (a)  A  mutual savings bank proposing a reorganization pursuant to  this article shall provide the superintendent  with  written  notice  of  such  proposed  reorganization.  Such notice shall include a copy of the  plan of reorganization approved by the board  of  trustees  pursuant  to  subdivision  one  of this section, the proposed organization certificate  for the mutual holding company and the stock savings bank subsidiary and  shall  contain  such  other  information  as  the  superintendent  shall  require.  The  superintendent  shall  approve  or disapprove the plan of  reorganization within sixty days of the submission of such plan together  with such other information as the superintendent shall require.    (b) In determining whether to approve the plan of reorganization,  the  superintendent shall consider:    (i)  whether  the formation of the mutual holding company would not be  detrimental to the interests of the depositors  of  the  mutual  savings  bank  proposing  to reorganize as provided in section two hundred ninety  of this article;    (ii) whether disapproval is necessary to  prevent  unsafe  or  unsound  banking practices;    (iii)  whether  the  interest  of  the  public  will  be served by the  proposed reorganization;    (iv) whether the financial  or  management  resources  of  the  mutual  savings  bank proposing to reorganize as provided in section two hundred  ninety of this article warrant  disapproval  of  the  proposed  plan  of  reorganization; and    (v)  whether  the  mutual  savings  bank  proposing  to  reorganize as  provided in section two hundred ninety of this article fails to  furnish  any  information  required  under  paragraph  (a) of this subdivision or  furnishes information containing any statement which, at the time and in  the circumstances under which it was made, was false or misleading  with  respect  to  any  material  fact  or  omits  to  state any material fact  necessary to make the statements therein not false or misleading.    (c) When the  superintendent  shall  have  determined  to  approve  or  disapprove  the  plan  of  reorganization,  the  superintendent shall so  advise the mutual savings bank in writing and shall endorse approval  on  an  organization  certificate  and cause it to be filed in the office of  the superintendent and with  the  clerk  of  the  county  in  which  the  principal  office of the mutual savings bank is located. Upon the filing  of the organization certificate the  existence  of  the  mutual  holding  company  shall commence. As used in this article, the term "organization  certificate" shall include an amended organization certificate.    3. If approved by the superintendent, the mutual  savings  bank  shall  submit  the  plan  of reorganization to its depositors for approval at a  meeting convened in accordance with general regulations  promulgated  by  the banking board for the sole purpose of approving or disapproving such  plan. At such meeting:    (a) all depositors whose aggregate deposit balance equals at least one  hundred  dollars  as  of  a record date shall be entitled to approve the  plan of reorganization, either in person or by valid proxy;    (b) each depositor entitled to vote shall be entitled to cast one vote  for each full one hundred dollars of deposits of such depositor shown on  the books and records of the mutual savings bank as of the record date;    (c) no depositor shall be entitled to cast any vote  for  any  deposit  balance in amounts of less than one hundred dollars; and    (d)  no  plan  of reorganization shall be effective unless approved by  the affirmative  vote  of  at  least  seventy-five  per  centum  of  theaggregate  dollar  amount  of  the book value of deposits represented at  such meeting either in person or by valid proxy  and  entitled  to  vote  thereat.

State Codes and Statutes

Statutes > New-york > Bnk > Article-6-c > 291

§ 291.  Required  approvals.  1.  A reorganization of a mutual savings  bank pursuant to this article shall be approved by  a  majority  of  the  board of trustees of the mutual savings bank.    2.  (a)  A  mutual savings bank proposing a reorganization pursuant to  this article shall provide the superintendent  with  written  notice  of  such  proposed  reorganization.  Such notice shall include a copy of the  plan of reorganization approved by the board  of  trustees  pursuant  to  subdivision  one  of this section, the proposed organization certificate  for the mutual holding company and the stock savings bank subsidiary and  shall  contain  such  other  information  as  the  superintendent  shall  require.  The  superintendent  shall  approve  or disapprove the plan of  reorganization within sixty days of the submission of such plan together  with such other information as the superintendent shall require.    (b) In determining whether to approve the plan of reorganization,  the  superintendent shall consider:    (i)  whether  the formation of the mutual holding company would not be  detrimental to the interests of the depositors  of  the  mutual  savings  bank  proposing  to reorganize as provided in section two hundred ninety  of this article;    (ii) whether disapproval is necessary to  prevent  unsafe  or  unsound  banking practices;    (iii)  whether  the  interest  of  the  public  will  be served by the  proposed reorganization;    (iv) whether the financial  or  management  resources  of  the  mutual  savings  bank proposing to reorganize as provided in section two hundred  ninety of this article warrant  disapproval  of  the  proposed  plan  of  reorganization; and    (v)  whether  the  mutual  savings  bank  proposing  to  reorganize as  provided in section two hundred ninety of this article fails to  furnish  any  information  required  under  paragraph  (a) of this subdivision or  furnishes information containing any statement which, at the time and in  the circumstances under which it was made, was false or misleading  with  respect  to  any  material  fact  or  omits  to  state any material fact  necessary to make the statements therein not false or misleading.    (c) When the  superintendent  shall  have  determined  to  approve  or  disapprove  the  plan  of  reorganization,  the  superintendent shall so  advise the mutual savings bank in writing and shall endorse approval  on  an  organization  certificate  and cause it to be filed in the office of  the superintendent and with  the  clerk  of  the  county  in  which  the  principal  office of the mutual savings bank is located. Upon the filing  of the organization certificate the  existence  of  the  mutual  holding  company  shall commence. As used in this article, the term "organization  certificate" shall include an amended organization certificate.    3. If approved by the superintendent, the mutual  savings  bank  shall  submit  the  plan  of reorganization to its depositors for approval at a  meeting convened in accordance with general regulations  promulgated  by  the banking board for the sole purpose of approving or disapproving such  plan. At such meeting:    (a) all depositors whose aggregate deposit balance equals at least one  hundred  dollars  as  of  a record date shall be entitled to approve the  plan of reorganization, either in person or by valid proxy;    (b) each depositor entitled to vote shall be entitled to cast one vote  for each full one hundred dollars of deposits of such depositor shown on  the books and records of the mutual savings bank as of the record date;    (c) no depositor shall be entitled to cast any vote  for  any  deposit  balance in amounts of less than one hundred dollars; and    (d)  no  plan  of reorganization shall be effective unless approved by  the affirmative  vote  of  at  least  seventy-five  per  centum  of  theaggregate  dollar  amount  of  the book value of deposits represented at  such meeting either in person or by valid proxy  and  entitled  to  vote  thereat.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-6-c > 291

§ 291.  Required  approvals.  1.  A reorganization of a mutual savings  bank pursuant to this article shall be approved by  a  majority  of  the  board of trustees of the mutual savings bank.    2.  (a)  A  mutual savings bank proposing a reorganization pursuant to  this article shall provide the superintendent  with  written  notice  of  such  proposed  reorganization.  Such notice shall include a copy of the  plan of reorganization approved by the board  of  trustees  pursuant  to  subdivision  one  of this section, the proposed organization certificate  for the mutual holding company and the stock savings bank subsidiary and  shall  contain  such  other  information  as  the  superintendent  shall  require.  The  superintendent  shall  approve  or disapprove the plan of  reorganization within sixty days of the submission of such plan together  with such other information as the superintendent shall require.    (b) In determining whether to approve the plan of reorganization,  the  superintendent shall consider:    (i)  whether  the formation of the mutual holding company would not be  detrimental to the interests of the depositors  of  the  mutual  savings  bank  proposing  to reorganize as provided in section two hundred ninety  of this article;    (ii) whether disapproval is necessary to  prevent  unsafe  or  unsound  banking practices;    (iii)  whether  the  interest  of  the  public  will  be served by the  proposed reorganization;    (iv) whether the financial  or  management  resources  of  the  mutual  savings  bank proposing to reorganize as provided in section two hundred  ninety of this article warrant  disapproval  of  the  proposed  plan  of  reorganization; and    (v)  whether  the  mutual  savings  bank  proposing  to  reorganize as  provided in section two hundred ninety of this article fails to  furnish  any  information  required  under  paragraph  (a) of this subdivision or  furnishes information containing any statement which, at the time and in  the circumstances under which it was made, was false or misleading  with  respect  to  any  material  fact  or  omits  to  state any material fact  necessary to make the statements therein not false or misleading.    (c) When the  superintendent  shall  have  determined  to  approve  or  disapprove  the  plan  of  reorganization,  the  superintendent shall so  advise the mutual savings bank in writing and shall endorse approval  on  an  organization  certificate  and cause it to be filed in the office of  the superintendent and with  the  clerk  of  the  county  in  which  the  principal  office of the mutual savings bank is located. Upon the filing  of the organization certificate the  existence  of  the  mutual  holding  company  shall commence. As used in this article, the term "organization  certificate" shall include an amended organization certificate.    3. If approved by the superintendent, the mutual  savings  bank  shall  submit  the  plan  of reorganization to its depositors for approval at a  meeting convened in accordance with general regulations  promulgated  by  the banking board for the sole purpose of approving or disapproving such  plan. At such meeting:    (a) all depositors whose aggregate deposit balance equals at least one  hundred  dollars  as  of  a record date shall be entitled to approve the  plan of reorganization, either in person or by valid proxy;    (b) each depositor entitled to vote shall be entitled to cast one vote  for each full one hundred dollars of deposits of such depositor shown on  the books and records of the mutual savings bank as of the record date;    (c) no depositor shall be entitled to cast any vote  for  any  deposit  balance in amounts of less than one hundred dollars; and    (d)  no  plan  of reorganization shall be effective unless approved by  the affirmative  vote  of  at  least  seventy-five  per  centum  of  theaggregate  dollar  amount  of  the book value of deposits represented at  such meeting either in person or by valid proxy  and  entitled  to  vote  thereat.

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