,i #aac? ,,congress #b;d ,session ,h4 ,r4 #dbeb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #ad1 #bjad ,mr4 ,ro?fus introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,f$]al ,deposit ,insurance ,act to all[ mutual capital c]tificates to satisfy capital requirem5ts = mutual depositories1 to am5d ! ,revis$ ,/atutes ( ! ,unit$ ,/ates to e/abli% mutual national banks1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,mutual ,bank ,*oice & ,cont9uity ,act ( #bjad4 #b4 ,treatm5t ( mutual capital c]tificates 7a7 ,9 g5]al ,section #ch ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7 is am5d$-- 7#a7 9 subsection 7b77#b7-- 7,a7 by r$esignat+ subp>agraphs 7,f7 ?r\gh 7,i7 z subp>agraphs 7,h7 ?r\gh 7,k71 respectively2 & 7,b7 by ins]t+ aft] subp>agraph 7,e7 ! foll[+ new subp>agraphs3 7,f7 ,mutual capital c]tificate ,! t]m mutual capital c]tificate means a f9ancial in/rum5t issu$ by a mutual depository pursuant to subsection 7c77#a77;,c7 t-- 7i7 is subord9ate to all claims aga9/ su* mutual depository2 7ii7 is unsecur$ by ! assets ( su* mutual depository2 7iii7 does n p]mit preemptive rights2 7iv7 does n provide vot+ or memb] rights to ! hold] unless ! bo>d ( directors ( su* mutual depository proposes to *ange ! specific t]ms ( any class ( su* c]tificates 9 a mann] adv]se to ! int]e/s ( ! hold]2 7v7 is n eligible = use z collat]al = any loan made by su* mutual depository2 7vi7 if decl>$ by ! bo>d ( directors ( su* mutual depository1 entitles ! hold] to a paym5t ( fix$1 v>iable1 or p>ticipat+ divid5ds2 & 7vii7 is n r$eemable until ! date t is #e ye>s aft] ! date ( issuance1 except 9 ! case ( m]g]1 conv]sion1 or consolidation ( su* mutual depository1 or reorganization ( su* mutual depository into a mutual hold+ company or a ,f$]al mutual bank hold+ company 7z su* t]m is def9$ 9 section #eacc;,a7a7 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates74 7,g7 ,mutual depository ,! t]m mutual depository means an insur$ depository in/itution op]at+ 9 a non-/ock =m1 includ+ a ,f$]al non-/ock depository & any =m ( non-/ock depository provid$ = "u ,/ate law1 ! deposits ( :i* are insur$ by an in/rum5tality ( ! ,f$]al ,gov]nm5t4 2 & 7#b7 9 subsection 7c77#a7-- 7,a7 9 subp>agraph 7,a71 by ins]t+ & subp>agraph 7,c7 aft] subp>agraph 7,b77ii72 & 7,b7 by ins]t+ aft] subp>agraph 7,b7 ! foll[+ new subp>agraph3 7,c7 ,mutual capital c]tificates ,a mutual depository is au?oriz$ to issue mutual capital c]tificates t %all qualify z common equity ,ti] #a capital 7z su* t]m is def9$ by ! appropriate ,f$]al bank+ ag5cy7 = purposes ( any capital requirem5ts m&at$ by any ,f$]al law or regulation4 4 7b7 ,regulations ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is section1 ! appropriate ,f$]al bank+ ag5cies %all jo9tly issue regulations to implem5t ?is section4 #c4 ,*>t]+ mutual national banks & e/abli%+ ,f$]al mutual bank hold+ companies 7a7 ,9 g5]al ,*apt] #a ( title ,,lxii ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #ba et seq47 is am5d$ by ins]t+ aft] section #eacc ! foll[+ new sections3 #eacc;,a4 ,mutual national banks 7a7 ,def9itions ,9 ?is section & 9 section #eacc;,b ! foll[+ def9itions %all apply3 7#a7 ,appropriate ,f$]al bank+ ag5cy ,! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 su* t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,depository in/itution subsidi>y ,! t]m depository in/itution subsidi>y means an insur$ depository in/itution t is a subsidi>y 7z su* t]m is def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 ( a ,f$]al mutual bank hold+ company4 7#c7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 su* t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#d7 ,f$]al mutual bank hold+ company ,! t]m ,f$]al mutual bank hold+ company means a bank hold+ company op]at+ 9 mutual =m organiz$ "u section #eacc;,b t owns1 directly or indirectly1 a majority ( ! %>es ( vot+ /ock ( ea* depository in/itution subsidi>y4 7#e7 ,modification ( a ,f$]al mutual bank hold+ company ,! t]m modification ( a ,f$]al mutual bank hold+ company means-- 7,a7 ! sale ( %>es ( common or pref]r$ /ock 9 a depository in/itution subsidi>y to any p>ty o!r ?an ! p>5t ,f$]al mutual bank hold+ company ( su* depository in/itution subsidi>y or a :olly own$ subsidi>y ( t p>5t2 7,b7 ! volunt>y grant ( a li5 on %>es ( common or pref]r$ /ock 9 a depository in/itution subsidi>y2 or 7,c7 any action t affects ! corporate /ructure ( ! ,f$]al mutual bank hold+ company & mat]ially impacts ! rights ( its memb]s4 7#f7 ,mutual capital c]tificate ,! t]m mutual capital c]tificate has ! mean+ giv5 su* t]m 9 section #ch7;b77#b7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7b77#b774 7#g7 ,mutual depository ,! t]m mutual depository means an insur$ depository in/itution op]at+ 9 a non-/ock =m1 includ+ a ,f$]al non-/ock depository & any =m ( non-/ock depository provid$ = "u ,/ate law1 ! deposits ( :i* are insur$ by an in/rum5tality ( ! ,f$]al ,gov]nm5t4 7#h7 ,mutual national bank ,! t]m mutual national bank means a mutual depository *>t]$ by ! ,comptroll] ( ! ,curr5cy "u ?is section4 7#i7 ,mutuality ,! t]m mutuality means ! quality ( be+ an insur$ depository in/itution organiz$ "u a ,f$]al or ,/ate law provid+ = ! organization ( non-/ock depository in/itutions1 or a hold+ company organiz$ "u a ,f$]al or ,/ate law provid+ = ! organization ( non-/ock entities t control "o or m depository in/itutions4 7#aj7 ,national bank ,! t]m national bank means a bank+ association organiz$ pursuant to section #eacc4 7#aa7 ,mutual memb] ,! t]m mutual memb] means ea* tax liable depositor 9 a mutual depository's sav+s1 dem&1 or o!r au?oriz$ depository acc\nts :o is n a prior *>t] memb]4 7#ab7 ,prior *>t] memb] ,! t]m prior *>t] memb] means ea* tax liable depositor 9 a mutual national bank t ma9ta9s "u its prior mutual depository *>t] pursuant to subsection 7d77#a77;,b74 7#ac7 ,/ate bank ,! t]m ,/ate bank has ! mean+ giv5 su* t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#ad7 ,tax liable depositor ,! t]m tax liable depositor means ! s+le p]son responsible = pay+ any ,f$]al taxes due on any int]e/ paid on any deposits held )9 any sav+s1 dem&1 or o!r au?oriz$ depository acc\nt4 7b7 ,*>t]+ mutual national banks ,not)/&+ ! provision designat$ ! ,?ird ( section #eacd1 9 ord] to e/abli% mutual in/itutions op]at+ 9 non-/ock =m = ! deposit ( funds1 ! ext5sion ( cr$it1 & provision ( o!r s]vices1 ! ,comptroll] ( ! ,curr5cy may *>t] mutual national banks ei!r de novo or ?r\gh a conv]sion ( any insur$ depository in/itution or any insur$ cr$it union 7z su* t]m is def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb771 subject to regulations prescrib$ by ! ,comptroll] ( ! ,curr5cy 9 accordance ) ?is section4 ,! p[]s conf]r$ by ?is section are int5d$ to provide = ! creation & ma9t5ance ( mutual national banks z bodies corporate exi/+ 9 p]petuity = ! b5efit ( _! depositors & ! communities 9 :i* !y op]ate4 7c7 ,regulations 7#a7 ,regulations ( ! comptroll] ,! ,comptroll] ( ! ,curr5cy is au?oriz$ to prescribe appropriate regulations = ! organization1 incorporation1 exam9ation1 op]ation1 & regulation ( mutual national banks4 7#b7 ,applicability ( capital /ock requirem5ts ,! ,comptroll] ( ! ,curr5cy %all prescribe regulations applicable to mutual national banks reg>d+ ! requirem5ts ( ?is title ) respect to capital /ock & ! limitations impos$ on national banks "u ?is title bas$ on capital /ock4 7d7 ,conv]sions 7#a7 ,conv]sion ( a mutual depository to a mutual national bank ,subject to su* regulations z ! ,comptroll] ( ! ,curr5cy may prescribe1 a mutual depository t elects to conv]t to a mutual national bank %all submit to ! ,comptroll] ( ! ,curr5cy a notice ( its election to conv]t on a specifi$ date t is on or aft] ! date t is #cj days aft] ! date on :i* ! notice is fil$4 7,a7 ,*>t] ,! mutual depository %all be conv]t$ to a mutual national bank & ! ,comptroll] ( ! ,curr5cy %all issue a *>t] describ$ 9 subsection 7b7 on ! specifi$ date describ$ 9 p>agraph 7#a74 7,b7 ,option to ma9ta9 mutual depository *>t] ,aft] conv]t+ & receiv+ a *>t] "u subp>agraph 7,a71 su* mutual national bank may cont9ue to ex]cise ! gov]nance1 inve/m5ts1 & au?orities p]mitt$ "u its prior mutual depository *>t]4 7#b7 ,conv]sion ( a mutual national bank to a /ock national bank ,subject to su* regulations z ! ,comptroll] ( ! ,curr5cy may prescribe = ! protection ( ! rights ( mutual memb]s & = any o!r purpose ! ,comptroll] ( ! ,curr5cy may consid] appropriate1 any mutual national bank may reorganize z a national bank op]at+ 9 /ock =m4 7#c7 ,conv]sion ( a mutual national bank to a ,/ate bank ,any mutual national bank may conv]t to a ,/ate bank 9 accordance ) regulations prescrib$ by ! ,comptroll] ( ! ,curr5cy & applicable ,/ate law4 7e7 ,t]m9at+ mutuality ,a mutual national bank %all t]m9ate mutuality by-- 7#a7 liquidat+2 or 7#b7 conv]t+ to a national bank op]at+ 9 /ock =m "u subsection 7d77#b7 or to a ,/ate bank "u subsection 7d77#c74 7f7 ,/atus & rights ( memb]s 7#a7 ,9 g5]al ,! /atus ( a mutual memb] or prior *>t] memb] is prim>ily z a depositor & second>ily z a hold] ( a cont+5t "r to p>ticipate 9 ! equity ( su* mutual national bank ^u a liquidation or conv]sion pursuant to subsection 7e74 7#b7 ,memb] rights 7,a7 ,prior *>t] memb] rights ,! /atus & rights ( a prior *>t] memb]s %all be gov]n$ by ! law ( ! prior mutual depository *>t]4 7,b7 ,mutual memb] rights ,ea* mutual memb] ( a mutual national bank t receives a *>t] pursuant to subsection 7b7 %all h ! foll[+ rights3 7i7 ,! "r to vote = delegates to ! bo>d ( directors ( su* mutual national bank4 7ii7 ,! "r to att5d any meet+ ( mutual memb]s call$ by ! bo>d ( directors ( su* mutual national bank4 7iii7 ,any o!r rights agre$ ^u by contract betwe5 ! mutual memb] & ! mutual national bank4 7#c7 ,c]ta9 vot+ rights ,on que/ions requir+ action by its mutual memb]s1 ! mutual national bank %all provide 9 its *>t] t ea* su* mutual memb] %all h ei!r-- 7,a7 "o vote p] mutual memb]2 or 7,b7 "o vote = ea* #ajj1 or fraction !re(1 ( ! )drawal value ( ! mutual memb]'s acc\nt1 b n m ?an #a1jjj votes p] mutual memb]4 7#d7 ,cont9uity ( rights ,if a mutual national bank conv]ts to a ,f$]al mutual bank hold+ company pursuant to section #eacc;,b1 a mutual memb] or prior *>t] memb] ( su* mutual national bank %all h ! same rights ) respect to t ,f$]al mutual bank hold+ company z su* memb] _h ) respect to ! mutual national bank imm$iately prior to su* conv]sion4 7#e7 ,conv]sion rights ,if ! bo>d ( directors ( a mutual national bank1 9 its sole discretion1 det]m9es t a conv]sion describ$ 9 p>agraph 7#b7 or 7#c7 ( subsection 7d7 is 9 ! be/ int]e/s ( ! community 9 :i* su* bank op]ates1 & ! mutual memb]s or prior *>t] memb]s ( su* bank approve ! conv]sion ?r\gh a special proxy1 !n on a record date set by ! bo>d ( directors su* memb]s %all h ! fir/ "r to subscribe = & pur*ase /ock 9 ! conv]t$ bank4 7#f7 ,liquidation rights ,if a mutual national bank is liquidat$ by op]ation ( law1 or if ! bo>d ( directors ( a mutual national bank1 9 its sole discretion1 det]m9es a liquidation ( su* bank is 9 ! be/ int]e/s ( ! community 9 :i* su* bank op]ates & ! mutual memb]s or prior *>t] memb]s ( su* bank approve ! liquidation1 !n on ! date ( liquidation1 memb]s ( ! liquidat$ mutual national bank %all h ! "r to h cr$it$ to _! acc\nts1 on a pro rata basis1 any residual assets t rema9 aft] ! liquidation ( su* bank4 7g7 ,proxies 7#a7 ,9 g5]al ,a mutual memb] may give a p]petual proxy to a committee ( ! bo>d ( directors ( ! mutual depository 9 writ+ or electronically4 ,su* proxy may be us$ to vote on any issue requir+ approval ( ! mutual memb]s4 7#b7 ,use ( proxies ,a proxy giv5 "u p>agraph 7#a7 may vote on ! conv]sion ( a mutual depository to a mutual national bank & any concurr5t or subsequ5t reorganization to a ,f$]al mutual bank hold+ company1 except t abs5t a f9d+ by ! appropriate ,f$]al bank+ ag5cy ( ! mutual depository t action is ne$$ to avoid loss to ! ,deposit ,insurance ,fund ( ! ,f$]al ,deposit ,insurance ,corporation or to protect ! /ability ( ! ,unit$ ,/ates f9ancial sy/em1 su* proxy may n be us$ to vote 9 favor (-- 7,a7 t]m9at+ mutuality = a mutual national bank or a ,f$]al mutual bank hold+ company2 or 7,b7 p]mitt+ ! modification ( a ,f$]al mutual bank hold+ company4 7#c7 ,effect ( conv]sion or reorganization ,a proxy giv5 "u p>agraph 7#a7 %all cont9ue to be valid aft] ! conv]sion ( a mutual depository to a mutual national bank pursuant to subsection 7d77#a77;,a7 & any concurr5t or subsequ5t reorganization to a ,f$]al mutual bank hold+ company4 7#d7 ,revok+ a proxy ,a mutual memb] may revoke a proxy giv5 "u p>agraph 7#a7 9 writ+ or electronically4 ,! revocation %all be effective n lat] ?an #f bus9ess days aft] x is made4 7h7 ,con=m+ ref]5ces ,unless o!rwise provid$ by ! ,comptroll] ( ! ,curr5cy-- 7#a7 any ref]5ce 9 any ,f$]al law to a national bank op]at+ 9 /ock =m1 includ+ a ref]5ce to ! t]m national bank+ association1 memb] bank1 national bank1 national association1 bank1 insur$ bank1 insur$ depository in/itution1 or depository in/itution %all be deem$ to ref] also to a mutual national bank2 7#b7 any ref]5ce 9 any ,f$]al law to ! t]m bo>d ( directors1 director1 or directors ( a national bank op]at+ 9 /ock =m %all be deem$ to ref] also to ! bo>d ( a mutual national bank2 & 7#c7 any t]ms 9 ,f$]al law t may apply only to a national bank op]at+ 9 /ock =m1 includ+ ! t]ms /ock1 %>e1 %>es ( /ock1 capital /ock1 common /ock1 /ock c]tificate1 /ock c]tificates1 c]tificates repres5t+ %>es ( /ock1 /ock divid5d1 transf]able /ock1 ea* class ( /ock1 cumulate su* %>es1 p> value1 or pref]r$ /ock %all n apply to a mutual national bank4 #eacc;,b4 ,f$]al mutual bank hold+ companies 7a7 ,reorganization ( mutual national bank z a ,f$]al mutual bank hold+ company 7#a7 ,9 g5]al ,subject to approval "u ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda et seq471 a mutual national bank may reorganize into a ,f$]al mutual bank hold+ company by submitt+ a reorganization plan to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7h]e9aft] ref]r$ to z ! ,bo>d ( ,gov]nors74 7#b7 ,plan approval ,a reorganization plan submitt$ "u p>agraph 7#a7 requires ! approval (-- 7,a7 a majority ( ! bo>d ( directors ( ! mutual national bank2 & 7,b7 a majority ( mutual memb]s or prior *>t] memb]s ( ! mutual national bank at a meet+ held at ! call ( ! bo>d ( directors ( su* bank "u ! proc$ures prescrib$ by ! *>t] or bylaws ( su* bank4 7#c7 ,conv]sion to a ,f$]al mutual bank hold+ company ,^u ! approval ( ! reorganization plan submitt$ "u p>agraph 7#a7 & ! issuance ( ! appropriate *>t]s-- 7,a7 ! sub/antial "p ( ! assets & liabilities ( ! mutual national bank1 includ+ all ( ! insur$ liabilities1 %all be transf]r$ to a national bank1 a majority ( ! %>es ( vot+ /ock ( :i* is own$1 directly or indirectly1 by ! mutual national bank t is to become a ,f$]al mutual bank hold+ company2 & 7,b7 ! mutual national bank %all become a ,f$]al mutual bank hold+ company4 7b7 ,own]%ip ( depository in/itution subsidi>ies ,to avoid t]m9at+ mutuality1 a ,f$]al mutual bank hold+ company mu/ own1 directly or indirectly1 at lea/ a majority ( ! %>es ( vot+ /ock ( ea* ( its depository in/itution subsidi>ies4 7c7 ,t]m9at+ mutuality 7#a7 ,liquidat+ or conv]t+ ,a ,f$]al mutual bank hold+ company %all t]m9ate mutuality by liquidat+ or conv]t+ to a bank hold+ company op]at+ 9 /ock =m4 7#b7 ,no t]m9ation ,not)/&+ p>agraph 7#a71 a reorganization ( a mutual depository or a modification ( a ,f$]al mutual bank hold+ company may n t]m9ate mutuality4 7d7 ,ret5tion ( capital ,9 connection ) a reorganization describ$ 9 subsection 7a71 a mutual national bank may reta9 capital at ! hold+ company level 9 ord] to comply ) ! capital requirem5ts ( ! ,bo>d ( ,gov]nors = hold+ companies4 7e7 ,o!r conv]sions 7#a7 ,conv]sion ( a ,/ate mutual bank hold+ company to a ,f$]al mutual bank hold+ company ,subject to su* regulations z ! ,bo>d ( ,gov]nors may prescribe1 a mutual bank hold+ company organiz$ "u ,/ate law t elects to conv]t to a ,f$]al mutual bank hold+ company-- 7,a7 %all submit to ! ,bo>d ( ,gov]nors a notice ( its election to conv]t on a specifi$ date t is on or aft] ! date t is #cj days aft] ! date on :i* ! notice is fil$2 & 7,b7 %all be conv]t$ to a ,f$]al mutual bank hold+ company on su* specifi$ date4 7#b7 ,ma9t5ance ( orig9al p[]s1 gov]nance1 & au?orities ,^u conv]sion to a ,f$]al mutual bank hold+ company1 ! entity may cont9ue to ex]cise ! p[]s1 gov]nance1 & au?orities p]mitt$ to x z a mutual bank hold+ company organiz$ "u ,/ate law4 7#c7 ,conv]sion ( ,f$]al mutual bank hold+ company to bank hold+ company ,subject to su* regulations z ! ,bo>d ( ,gov]nors may prescribe1 any ,f$]al mutual bank hold+ company t is organiz$ "u subsection 7a7 may reorganize z a bank hold+ company op]at+ 9 /ock =m4 7f7 ,rights ( mutual hold+ company memb]s ,ea* tax liable depositor 9 a sav+s1 dem&1 or o!r au?oriz$ depository acc\nt 9 depository in/itution subsidi>y %all h ! same rights ) respect to ! ,f$]al mutual bank hold+ company z su* depositor w\ld h _h if ! depository in/itution subsidi>y _h be5 a mutual national bank4 7g7 ,regulation ,a ,f$]al mutual bank hold+ company %all be-- 7#a7 *>t]$ by ! ,bo>d ( ,gov]nors & subject to its regulation & sup]vision2 & 7#b7 regulat$ "u ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda et seq47 on t]ms1 & subject to limitations1 comp>able to ^? applicable to any o!r bank hold+ company4 7h7 ,capital improvem5t 7#a7 ,pl$ge ( /ock ( national bank subsidi>y ,?is section %all n prohibit a ,f$]al mutual bank hold+ company f pl$g+ all or a portion ( ! /ock ( ! national bank *>t]$ z "p ( a transaction describ$ 9 subsection 7a7 to raise capital = su* national bank4 7#b7 ,issuance ( nonvot+ %>es ,?is section %all n prohibit a national bank *>t]$ z "p ( a transaction describ$ 9 subsection 7a7 f issu+ any nonvot+ %>es or less ?an #ej p]c5t ( ! vot+ %>es ( su* national bank to any p]son o!r ?an ! ,f$]al mutual bank hold+ company4 7i7 ,insolv5cy & liquidation 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 ! ,bo>d ( ,gov]nors may file a petition "u *apt] #g ( title #aa1 ,unit$ ,/ates ,code1 ) respect to a ,f$]al mutual bank hold+ company ^u-- 7,a7 ! default ( any depository in/itution subsidi>y1 ! /ock ( :i* is own$ by ! ,f$]al mutual bank hold+ company2 or 7,b7 a =eclosure on a pl$ge by ! ,f$]al mutual bank hold+ company describ$ 9 subsection 7h77#a74 7#b7 ,di/ribution ( net proce$s ,except z provid$ 9 p>agraph 7#c71 ! net proce$s ( any liquidation ( any ,f$]al mutual bank hold+ company "u p>agraph 7#a7 %all be transf]r$ to p]sons :o hold an int]e/ 9 su* ,f$]al mutual bank hold+ company4 7#c7 ,recov]y by ,,fdic ,if ! ,f$]al ,deposit ,insurance ,corporation incurs a loss z a result ( ! default ( any depository in/itution subsidi>y t is liquidat$ "u p>agraph 7#a71 ! ,f$]al ,deposit ,insurance ,corporation %all succe$ to ! int]e/s ( ! depositors ( ! depository in/itution subsidi>y z memb]s ( ! ,f$]al mutual bank hold+ company to ! ext5t ( ! ,f$]al ,deposit ,insurance ,corporation's loss4 7j7 ,con=m+ ref]5ces ,unless o!rwise provid$ by ! ,bo>d ( ,gov]nors-- 7#a7 any ref]5ce 9 any ,f$]al law to a bank hold+ company op]at+ 9 /ock =m %all be deem$ to ref] also to a ,f$]al mutual bank hold+ company2 7#b7 any ref]5ce 9 any ,f$]al law to ! t]m bo>d ( directors1 director1 or directors ( a national bank op]at+ 9 /ock =m %all be deem$ to ref] also to ! bo>d ( a ,f$]al mutual bank hold+ company2 & 7#c7 any t]ms 9 ,f$]al law t may apply only to a national bank op]at+ 9 /ock =m1 includ+ ! t]ms /ock1 %>es1 %>es ( /ock1 capital /ock1 common /ock1 /ock c]tificate1 /ock c]tificates1 c]tificates repres5t+ %>es ( /ock1 /ock divid5d1 transf]able /ock1 ea* class ( /ock1 cumulate su* %>es1 p> value1 or pref]r$ /ock %all n apply to a ,f$]al mutual bank hold+ company unless ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em det]m9es t context requires o!rwise4 7k7 ,limitation on ,f$]al regulation ( mutual depositories ,except z o!rwise provid$ 9 ,f$]al law1 ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,f$]al ,deposit ,insurance ,corporation may n adopt or en=ce any regulation t contrav5es ! corporate mutual gov]nance rules prescrib$ by ,/ate law or regulation = mutual depositories unless ! ,comptroll]1 ,bo>d ( ,gov]nors1 or ,corporation f9ds t ! ,f$]al regulation is necess>y to assure ! safety & s\ndness ( ! mutual depository4 4 7b7 ,table ( cont5ts am5dm5t ,! table ( sections = *apt] #a ( title ,,lxii ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #ba et seq47 is am5d$ by ins]t+ aft] ! item relat+ to section #eacc ! foll[+ new items3 ,sec4 #eacc;,a4 ,mutual national banks4 ,sec4 #eacc;,b4 ,f$]al mutual bank hold+ companies4 4 7c7 ,appropriate ,f$]al bank+ ag5cy = ,f$]al mutual bank hold+ companies ,section #c7q77#c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7q77#c77 is am5d$-- 7#a7 9 subp>agraph 7,f71 by /rik+ 2 & & ins]t+ a semicolon at ! end2 7#b7 9 subp>agraph 7,g71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by ins]t+ aft] subp>agraph 7,g7 ! foll[+ new subp>agraph3 7,h7 sup]visory or regulatory proce$+s aris+ f ! au?ority giv5 to ! ,bo>d ( ,gov]nors "u section #eacc;,b ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates4 4 #d4 ,conv]sion ( a mutual hold+ company to a ,f$]al mutual bank hold+ company 7a7 ,9 g5]al ,a mutual hold+ company1 includ+ any =m ( mutual depository hold+ company provid$ = "u ,/ate law1 may conv]t to a ,f$]al mutual bank hold+ company by fil+ ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em a notice ( its election to conv]t on a specifi$ date t is on or aft] ! date t is #cj days aft] ! date on :i* ! notice is fil$1 & su* mutual hold+ company %all be conv]t$ to a ,f$]al mutual bank hold+ company on su* specifi$ date4 7b7 ,def9itions ,9 ?is section ! foll[+ def9itions apply3 7#a7 ,f$]al mutual bank hold+ company ,! t]m ,f$]al mutual bank hold+ company has ! mean+ giv5 su* t]m 9 section #eacc;,a7a7 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates4 7#b7 ,mutual hold+ company ,! t]m mutual hold+ company has ! mean+ giv5 su* t]m 9 section #aj7o77#aj7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7o77#aj774