DIVIDEND AND REPURCHASE RESTRICTIONS ON STOCK. Following consummation of the Conversion and Reorganization, any repurchases of shares of capital stock by the Holding Company will be made in accordance with then applicable laws and regulations. The Bank may not declare or pay a cash dividend on, or repurchase any of, its capital stock if the effect thereof would cause the regulatory capital of the Bank to be reduced below the amount required for the liquidation account. Any dividend declared or paid on, or repurchase of, the Bank’s capital stock also shall be in compliance with applicable laws and regulations.
Appears in 3 contracts
Samples: Plan of Conversion and Agreement and Plan of Reorganization (Rome Bancorp Inc), Plan of Conversion and Agreement and Plan of Reorganization (Rome Bancorp Inc), Plan of Conversion and Agreement and Plan of Reorganization (Rome Bancorp Inc)
DIVIDEND AND REPURCHASE RESTRICTIONS ON STOCK. Following consummation of the Conversion and Reorganization, any repurchases of shares of capital stock by the Holding Company will be made in accordance with then applicable laws and regulations. The Bank may not declare or pay a cash dividend on, or repurchase any of, its capital stock if the effect thereof would cause the regulatory capital of the Bank to be reduced below the amount required for the liquidation account. Any dividend declared or paid on, or repurchase of, the Bank’s 's capital stock also shall be in compliance with applicable laws law and regulations.
Appears in 3 contracts
Samples: Plan of Conversion and Reorganization (Bridge Street Financial Inc), Plan of Conversion and Agreement and Plan of Reorganization (Bridge Street Financial Inc), Plan of Conversion and Reorganization (Rome Bancorp Inc)
