La. Admin. Code tit. 10, § VII-317 - Grounds for Denial of Application for Conversion
A. The commissioner may disapprove an
application for conversion if:
1. the plan of
conversion adopted by the applicant's board of directors is not in compliance
with this rule or policies of OFI, or would violate another law or
regulation;
2. the conversion would
cause the applicant to fail to meet the regulatory capital requirements of
R.S.
6:1206;
3. the conversion may result in a taxable
reorganization of the applicant under the Internal Revenue Code of 1986, as
amended;
4. the converted savings
bank would not have its accounts insured by the Federal Deposit Insurance
Corporation (FDIC);
5. the
commissioner determines that the application for conversion is manipulative,
deceptive, or subverts the fairness of the conversion; or
6. the commissioner determines that the
conversion is likely to result in injury to the savings bank;
7. the conversion will not meet the
convenience and needs of the communities to be served by the converted savings
bank.
Notes
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