With the approval of the commissioner, the plan of reorganization of a mutual bank may provide for the retention of assets at, or transfer of assets to, the mutual holding company, provided the retention will not cause the subsidiary bank to fail to meet any applicable net worth or capital adequacy requirement prescribed by federal or state regulatory authorities and the retention of the assets complies with federal and state laws.
Source. 2015, 272:16, eff. Oct. 1, 2015.