Mutual-to-stock Conversions--S. 1801: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Third Congress, Second Session, on S. 1801, to Apply Certain Minimum Standards to the Conversion of Savings Associations and Savings Banks from the Mutual Form to the Stock Form, and for Other Purposes, February 25, 1994, Volumen4

Portada

Dentro del libro

Comentarios de la gente - Escribir un comentario

No encontramos ningún comentario en los lugares habituales.

Páginas seleccionadas

Otras ediciones - Ver todas

Términos y frases comunes

Pasajes populares

Página 58 - ... under common control with, the person specified. (b) Control. The term "control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract...
Página 41 - ESOP purchases) goes to savings account holders with the institution at least 90 days prior to the date of adoption of the plan of conversion. The second priority goes to all other account holders. A third priority may be established for management and employee stock purchases. Finally, any stock not sold in the subscription offering must be sold to the public. o The conversion stock must be sold at a price equal to the estimated pro forma market value of the converting institution's stock, basecPon...
Página 58 - Control" (including the terms "controlling", "controlled by", and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a...
Página 58 - ... of the subscription period, unless extended by the Office. (j) Interest on subscriptions and direct community offering purchase orders. The converting savings association shall pay interest at not less than the passbook rate on all amounts paid in cash or by check or money order to the association to purchase shares of capital stock in the subscription offering or direct community offering from the date payment is received by the association until the conversion is completed or terminated. (k)...
Página 95 - Board will examine the extent to which the merger will affect the convenience and needs of the communities to be served in terms of savings facilities, types of loans available, and the impact, If any, on operating efficiency of the resulting institution.
Página 45 - Mr. Chairman and Members of the Committee, I am pleased to appear before the Committee today to present the views of the Commissioner of the District of Columbia on S. 1938, the proposed "District of Columbia Consumer Credit Protection Act of 1971.
Página 41 - FHLBB proposed conversion regulations and held public hearings on then in 1973. At the same time. Congress also held hearings on the need for legislation in this area. Following the agency and Congressional hearings, the FHLBB revised its proposed conversion regulations in late 1973, and adopted them in 1974. It was generally believed that the new regulations adequately addressed the problems arising from conversion "windfalls." As a result. Congress allowed its conversion moratorium to expire on...
Página 57 - A plan of conversion shall be adopted by not leu than two-thirds of the savings bank's board of directors. (E) Upon determining that an application for conversion is properly executed and is not materially incomplete, the superintendent will advise the savings bank, in writing, to publish a notice of the filing of the application. Promptly after receipt of the advice, the savings bank shall prominently post the notice in each of its offices and publish the notice in a newspaper printed in the English...
Página 64 - This concludes my prepared remarks and I will be happy to answer any questions you or other committee members might have.
Página 106 - ... management or employee stock benefit plan, other than a tax-qualified plan complying with (c)(6) of this section, unless each of the following requirements are met: (i) Each of the plans was fully disclosed in the proxy soliciting and conversion stock offering materials; (ii) For stock option plans, the total number of shares of common stock for which options may be granted does not exceed ten percent of the amount of shares issued in the conversion; (iii) For management or employee stock benefit...

Información bibliográfica