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TITLE 12 - BANKS AND BANKING
CHAPTER V - OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY
PART 563B - CONVERSIONS FROM MUTUAL TO STOCK FORM
subpart a - STANDARD CONVERSIONS
563b.485 - What provision must I include in my new federal charter?
If you convert to federal stock form, you must include the following provision in your new charter: Liquidation Account. Under OTS regulations, the association must establish and maintain a liquidation account for the benefit of its savings account holders as of _____. If the association undergoes a complete liquidation, it must comply with OTS regulations with respect to the amount and priorities on liquidation of each of the savings account holder's interests in the liquidation account. A savings account holder's interest in the liquidation account does not entitle the savings account holder to any voting rights.
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