209 CMR, § 33.21
209 CMR 33.21 through 33.32 establishes procedures, requirements and options for the reorganization of mutual banking institutions into mutual holding companies and the issuance of securities by a subsidiary banking institution or subsidiary holding company of a mutual holding company under the provisions of M.G.L. c. 167H.
The purpose of 209 CMR 33.21 through 33.32 is to protect and preserve the interests and rights of depositors of a reorganizing mutual banking institution or a subsidiary banking institution of a mutual holding company or a subsidiary holding company. In the event of a conflict between the stock issuance provisions of 209 CMR 33.21 through 33.32 and the standard stock conversion provisions of 209 CMR 33.01 through 33.12, the latter provisions shall control unless the Commissioner determines that depositor interests or the context otherwise requires.
Nothing contained in 209 CMR 33.21 through 33.32 shall limit the ability of the Commissioner to consider other information in determining whether or not to approve an application to reorganize or to issue such securities.
209 CMR, § 33.21