209 CMR, § 33.32
209 CMR 33.32 through 33.41 establish procedures and requirements for the conversion of a mutual holding company as defined under 209 CMR 33.22 into stock form. The purpose of this Subpart is to protect and preserve the interests and rights of members who are depositors of a resulting subsidiary banking institution or acquiree subsidiary banking institution of a converting mutual holding company. In the event of a conflict between the conversion provisions of 209 CMR 33.32 through 33.41 and the provisions of 209 CMR 33.01 through 33.12, and 33.21 through 33.31 the latter provisions shall control unless the Commissioner determines that depositor interests or the context otherwise requires. Nothing contained in 209 CMR 33.32 through 33.41 shall limit the ability of the Commissioner to consider other information in determining whether to approve an application to convert a mutual holding company to stock form.
Except as the Commissioner may otherwise determine, the provisions of this part shall govern the conversion of mutual holding companies to holding companies in stock form, and no mutual holding company shall convert to the capital stock form without the prior written consent of the Commissioner.
209 CMR, § 33.32