Grounds for disapproval of reorganizations.

CFR · 2024-01-01 · US · Title 12

(a) (1) Disapproval is necessary to prevent unsafe or unsound practices; (2) The financial or managerial resources of the reorganizing association or any acquiree association warrant disapproval; (3) The proposed capitalization of the mutual holding company fails to meet the requirements of paragraph (b) of this section; (4) A stock issuance is proposed in connection with the reorganization pursuant to § 239.24 that fails to meet the standards established by that section; (5) The reorganizing association or any acquiree association fails to furnish the information required to be included in the Reorganization Notice or any other information requested by the Board in connection with the proposed reorganization; or (6) The proposed reorganization would violate any provision of law, including (without limitation) § 239.3(a) and (c) (regarding board of directors and membership approval) or § 239.5(a) (regarding continuity of membership rights). (b) (2) Proposals by reorganizing associations and acquiree associations to capitalize mutual holding companies shall also comply with any applicable statutes, and with regulations or written policies of the Comptroller of the Currency or the Federal Deposit Insurance Corporation, as applicable, governing capital distributions by savings associations in effect at the time of the reorganization. (c) (2) (d) (1) The reorganization shall be consummated within one year of the date of the expiration of the Board's review period under § 238.14 o

official document · source cfr-2024 · id 12:§ 239.4