209 CMR, § 33.41
Subject to such terms and conditions the Commissioner may require, a mutual holding company fully converting to stock form pursuant to 209 CMR 33.32 through 209 CMR 33.41, may, as part of the conversion or in a subsequent transaction, acquire all of the capital stock of a bank holding company or a stock form bank; provided that such acquisition shall not be the functional equivalent of a merger conversion under M.G.L. c. 168, § 34E or M.G.L. c. 170, § 26E, or an attempt to evade or circumvent such statutes or any future regulations promulgated thereunder. An acquisition will be deemed to be the functional equivalent of a merger conversion if the acquired bank holding company or stock form bank, or its officers, directors or principal stockholders, control the combined entity. Any evasion or circumvention of 209 CMR 33.41 shall constitute grounds for the imposition of sanctions and penalties authorized by 209 CMR 33.11.
209 CMR, § 33.41