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Full-Text Articles in Law
Stock Conversions Under The Amended Regulations, Charles E. Allen
Stock Conversions Under The Amended Regulations, Charles E. Allen
Akron Law Review
The conversion regulations continue to contain various provisions designed to protect the converted association from a hostile takeover both during and after conversion. The entire conversion process is carefully regulated and monitored by the FSLIC to assure fairness and equitability and to avoid "windfall" profits by any group. There is, nonetheless, some controversy surrounding conversions, a discussion of which appears later in this article.
Savings And Loan Associations - Mutual To Stock Conversions Under The Revised Regulations, Peter B. Saba, Robert B. Robbins
Savings And Loan Associations - Mutual To Stock Conversions Under The Revised Regulations, Peter B. Saba, Robert B. Robbins
Akron Law Review
The new rules provide for four types of conversions: (1) standard conversions; (2) sale-of-control conversions; (3) voluntary supervisory conversions; and (4) modified conversions. In a standard conversion, association members receive, without payment, nontransferable subscription rights to purchase shares on a preemptive basis according to the categories of eligibility and in amounts set in the regulations. Any shares of the converting institution not sold to persons with subscription rights must be sold in an underwritten public offering or in a direct community offering. A sale-of-control conversion allows association members to vote to sell a controlling stock interest in the institution to …