Vote by members.

CFR · 2024-01-01 · US · Title 12

(a) (2) The members must approve the plan of conversion by a majority of the total outstanding votes. (3) The members may vote in person or by proxy. (4) The mutual holding company may notify eligible account holders or supplemental eligible account holders who are not voting members of the proposed conversion. The mutual holding company may include only the information in § 239.54(c) in the notice. (b) (c) (2) The mutual holding company must notify its members 20 to 45 days before the meeting. (3) The mutual holding company must also notify each beneficial holder of an account at any subsidiary savings association held in a fiduciary capacity: (i) If the subsidiary savings association is a federal association and the name of the beneficial holder is disclosed on the records of the subsidiary savings association; or (ii) If the subsidiary savings association is a state-chartered association and the beneficial holder possesses voting rights under state law. (d) (i) A certified copy of each adopted resolution on the conversion. (ii) The total votes eligible to be cast. (iii) The total votes represented in person or by proxy. (iv) The total votes cast in favor of and against each matter. (v) The percentage of votes necessary to approve each matter. (vi) An opinion of counsel that the mutual holding company conducted the members' meeting in compliance with all applicable state or federal laws and regulations. (2) Promptly after completion of the conversion, the mutual holding com

official document · source cfr-2024 · id 12:§ 239.56