12 C.F.R. § 563b.675 What conditions will OTS impose on an approval?
Title 12 - Banks and Banking
(a) OTS will condition approval of a voluntary supervisory conversion application on all of the following. (1) You must complete the conversion stock sale within three months after OTS approves your application. OTS may grant an extension for good cause. (2) You must comply with all filing requirements of parts 563b and 563g of this chapter. (3) You must submit an opinion of independent legal counsel indicating that the sale of your shares complies with all applicable state securities law requirements. (4) You must comply with all applicable laws, rules, and regulations. (5) You must satisfy any other requirements or conditions OTS may impose. (b) OTS may condition approval of a voluntary supervisory conversion application on either of the following: (1) You must satisfy any conditions and restrictions OTS imposes to prevent unsafe or unsound practices, to protect the Deposit Insurance Fund and the public interest, and to prevent potential injury or detriment to you before and after the conversion. OTS may impose these conditions and restrictions on you (before and after the conversion), your acquiror, controlling parties, or directors and officers of you or your acquiror; or (2) You must infuse a larger amount of capital, if necessary, for safety and soundness reasons. [67 FR 52020, Aug. 9, 2002, as amended at 71 FR 19811, Apr. 18, 2006]
Title 12: Banks and Banking
PART 563b—CONVERSIONS FROM MUTUAL TO STOCK FORM
Subpart B—Voluntary Supervisory Conversions
OTS Review of the Voluntary Supervisory Conversion Application
§ 563b.675 What conditions will OTS impose on an approval?
