Wis. Admin. Code Department of Financial Institutions § DFI-SB 21.26 - Conversion of a savings bank in connection with the formation of a holding company
Current through March 28, 2022
A mutual savings bank may convert to a stock savings bank under this chapter as part of a transaction in which a stock savings bank holding company is organized to acquire upon issuance all the capital stock of the stock savings bank. In this type of transaction, eligible account holders, supplemental eligible account holders, and members of the converting mutual savings bank shall receive, without payment, nontransferable rights under s. DFI-SB 21.10(3), (5) and (6), to purchase capital stock of the newly formed savings bank holding company in lieu of capital stock of the converted savings bank. Unless clearly inapplicable, all of the requirements of this chapter shall apply to a conversion under this section.
This section interprets or implements s. 214.095, Stats.
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