12 C.F.R. § 563b.365 May other voting members purchase conversion shares in the conversion?
Title 12 - Banks and Banking
(a) You must give rights to purchase your conversion shares in the conversion to voting members who are neither eligible account holders nor supplemental eligible account holders. You must allocate rights to each voting member that are equal to the greater of: (1) The maximum purchase limitation established for the community offering and the public offering under §563b.395; or (2) One-tenth of one percent of the total stock offering. (b) You must subordinate the voting members' rights to the rights of eligible account holders, tax-qualified employee stock ownership plans, and supplemental eligible account holders.
Title 12: Banks and Banking
PART 563b—CONVERSIONS FROM MUTUAL TO STOCK FORM
Subpart A—Standard Conversions
Offers and Sales of Stock
§ 563b.365 May other voting members purchase conversion shares in the conversion?
