General Rules for Conversions

Except as may be authorized by the commissioner, no application for conversion shall be approved by the commissioner if: (1) The plan of conversion adopted by the applicant's board of directors or trustees does not comply with the provisions of 209 CMR 33.00; (2) The conversion would result in any reduction of the bank's reserves and net worth; (3) The conversion would result in a taxable reorganization of the applicant under the Internal Revenue Code of 1954, as amended; or (4) The converted bank would not have deposit insurance.