Scope

The provisions of 209 CMR 33.13 through 33.20 (SUPERVISORY STOCK CONVERSIONS) shall govern the supervisory conversion of a savings bank or a co-operative bank to a stock form of organization. A supervisory stock conversion is a conversion authorized by the commissioner pursuant to a plan of conversion adopted by a savings bank or a co-operative bank which meets the requirements set forth in 209 CMR 33.16. The authorization of a supervisory stock conversion shall be in the discretion of the commissioner acting in accordance with provisions of 209 CMR 33.00. 10/2/98 (Effective 9/4/98) - corrected