Section 33.40 - Conversions in Connection with Other Corporate Changes(1) A mutual holding company may convert to stock form, pursuant to 209 CMR 33.32 through 33.41, as part of a transaction in which a holding company is organized to effect such a conversion.(2) Any stock issued pursuant to 209 CMR 33.21 through 33.30 by a subsidiary banking institution or subsidiary holding company of a mutual holding company to persons other than the parent converting mutual holding company may be exchanged for the stock issued by the parent converting mutual holding company in connection with the conversion of the parent mutual holding company to stock form. The converting mutual holding company and subsidiary holding company or subsidiary banking institution must demonstrate to the satisfaction of the Commissioner that the basis for the exchange is fair and reasonable.