§ 192.445. Savings account holder's account after conversion.
131 words·~1 min read·
/us/cfr/t12/s§ 192.445·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general. The savings association must provide each savings account holder, without payment, a withdrawable savings account or accounts in the same amount and under the same terms and conditions as their accounts before the conversion.
(b)Liquidation account. The savings association must provide a liquidation account for each eligible and supplemental eligible account holder under § 192.450.
(c)Voting rights. If the savings association is State-chartered and State law requires the savings association to provide voting rights to savings account holders or borrowers, the charter must:
(1)Limit these voting rights to the minimum required by State law; and
(2)Require the savings association to solicit proxies from the savings account holders and borrowers in the same manner that the savings association solicits proxies from its stockholders. Liquidation Account