The appropriate Federal banking agency will condition approval of a voluntary supervisory conversion application on all of the following.
You must complete the conversion stock sale within three months after the appropriate Federal banking agency approves your application. The appropriate Federal banking agency may grant an extension for good cause.
You must comply with all filing requirements of parts 192 and 197 of this chapter.
You must submit an opinion of independent legal counsel indicating that the sale of your shares complies with all applicable state securities law requirements.
You must comply with all applicable laws, rules, and regulations.
You must satisfy any other requirements or conditions the appropriate Federal banking agency may impose.
The appropriate Federal banking agency may condition approval of a voluntary supervisory conversion application on either of the following:
You must satisfy any conditions and restrictions the appropriate Federal banking agency 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. The appropriate Federal banking agency may impose these conditions and restrictions on you (before and after the conversion) or, as appropriate, your acquiror, controlling parties, or your directors and officers; or
You must infuse a larger amount of capital, if necessary, for safety and soundness reasons.
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