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Section 6: Rights, Powers And Privileges Of Reorganized Mutual Banking Institution; Corporate Governance Procedures

Section 6. Upon the reorganization of a mutual banking institution into a mutual holding company, the mutual holding company shall (i) continue to possess and exercise all the rights, powers and privileges, except deposit-taking powers, of a mutual banking institution and (ii) shall be subject to the limitations and restrictions imposed on bank holding companies by chapter 167A and by applicable federal law and regulations.

To the extent not inconsistent with the above, a mutual holding company may elect to follow the corporate governance procedures of the General Laws and shall designate in its by-laws the body of law selected for its corporate governance procedures.

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Local Government
Massachusetts
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Charlie Baker
Charlie Baker
January 8, 2015 -
Republican
1-617-727-7030
One Ashburton Place, Room 1611, Boston, MA, 02108

Keywords
bank
holding
mutual
procedures
corporate
companies
elect
governance
company
institution