Procedural Requirements

(1) Filing of Supervisory Stock Conversion Application. A bank seeking to convert pursuant to 209 CMR 33.13 through 33.20 shall file its supervisory stock conversion application containing the information and documents specified in 209 CMR 33.18 with the commissioner. The application shall be deemed to be filed on the date on which it is determined by the commissioner to be complete. The commissioner may seek other appropriate supervisory solutions to the bank's financial condition pending the filing of a complete application. (2) Action by the Commissioner. If, upon approval of the completed application and the determination that the requirements of 209 CMR 33.16 are met, the commissioner in his discretion determines to authorize the supervisory stock conversion of the bank, he shall approve the application for conversion, the plan of conversion, including the identity of the proposed purchaser(s), the purchase price, the closing date for the purchase, the other terms of sale and the amended and restated articles of organization and/or charter. After having given the approvals set forth in the preceding sentence, the commissioner shall endorse his approval on the amended and restated articles of organization and/or charter. (3) Conditions of Approval. The commissioner's approval of an application for a supervisory stock conversion will be conditioned on (i) completion of the sale of conversion stock within a maximum of three months after the commissioner approves the application and (ii) satisfaction of any other requirement or condition the commissioner may impose. 10/2/98 (Effective 9/4/98) - corrected (4) Filing With the Secretary of the Commonwealth. After the commissioner has taken the action specified in 209 CMR 33.19(2), the bank may file the amended and restated articles of organization and/or charter, endorsed with the approval of the commissioner, with the Secretary of the Commonwealth. If such filing is not made by the bank within 30 days after the date of the commissioner's endorsement, the application for conversion shall become null and void. Upon the filing of such amended and restated articles of organization and/or charter and acceptance of the same by the Secretary of the Commonwealth, the bank shall become a stock form bank. (5) Amendment of Plan of Conversion. After approval by the commissioner, the plan of conversion may not be amended without the written approval of the commissioner in each case.