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§ 81-14-109. Conversion of stock savings bank to mutual savings bank

MS Code § 81-14-109 (2019) (N/A)
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(a) The conversion neither impair the capital of the converting savings bank nor adversely affect its operations;

(b) The conversion shall be fair and equitable to all stockholders of the converting savings bank;

(c) The public shall not be adversely affected by the conversion;

(d) Conversion of a savings bank shall be accomplished only pursuant to a plan approved by the commissioner. Such plan must have been approved by an affirmative vote of two-thirds (⅔) of the members of the board of directors of the converting savings bank, after a full and fair disclosure to the stockholders, and by an affirmative vote of a majority of the votes which stockholders of the savings bank are entitled to cast;

(e) The plan of conversion provides that:

(i) Deposit accounts will be issued in connection with the conversion to the stockholders of the converting savings bank;

(ii) A uniform date will be fixed for the determination of the stockholders to whom, and the amount to each stockholder of which, deposit accounts shall be made available;

(iii) Deposit accounts made available to stockholders will be based upon a fair and equitable formula approved by the commissioner and fully and fairly disclosed to the stockholders of the converting savings bank.

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§ 81-14-107. Conversion of mutual to stock savings bank
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§ 81-14-111. Merger of like savings banks