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.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 167h - Mutual Holding Companies
Section 2 - Reorganization of Mutual Banking Institution
Section 3 - Notice of Proposed Reorganization to Commissioner; Factors to Be Considered
Section 4 - Board of Corporators; Members; Term; Election
Section 7 - Mutual Holding Company; Powers and Duties
Section 8 - Registration With Commissioner; Requisite Information
Section 9 - Conversion to Stock Holding Company
Section 10 - Acquisition or Merger With Another Holding Company
Section 11 - Subsidiary Banking Institution; Issuance of Securities to General Public
Section 12 - Conversion of Mutual Holding Company to a Mutual Banking Institution