Title 12

SECTION 192.445

192.445 Savings account holder's account after conversion.

§ 192.445 Savings account holder's account after conversion.

(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

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