Liquidation Account. The liquidation account established by Thrift pursuant to the plan of conversion adopted in connection with its conversion from mutual to stock form shall, to the extent required by applicable law, continue to be maintained by the Bank after the Effective Time for the benefit of those persons and entities who were savings account holders of Thrift on the eligibility and supplemental eligibility record dates for such conversion and who continue from time to time to have rights therein. If required by the rules and regulations of the OTS, the Bank shall amend its charter to specifically provide for the continuation of the liquidation account previously established by Thrift.
Appears in 4 contracts
Samples: Merger Agreement (NBC Capital Corp), Merger Agreement (FFBS Bancorp Inc), Merger Agreement (FFBS Bancorp Inc)
Liquidation Account. The liquidation account established by the Thrift pursuant to the plan of conversion adopted in connection with its conversion from mutual to stock form shall, to the extent required by applicable law, continue to be maintained by the Bank after the Effective Time for the benefit of those persons and entities who were savings account holders of the Thrift on the eligibility and supplemental eligibility record dates for such conversion and who continue from time to time to have rights therein. If required by the rules and regulations of the OTS, the Bank shall amend its charter to specifically provide for the continuation of the liquidation account previously established by Thrift.
Appears in 2 contracts
Samples: Plan of Reorganization and Merger (FFBS Bancorp Inc), Plan of Reorganization and Merger (FFBS Bancorp Inc)
Liquidation Account. The liquidation account established by the Thrift pursuant to the plan of conversion adopted in connection with its conversion from mutual to stock form shall, to the extent required by applicable law, continue to be maintained by the Bank after the Effective Time for the benefit of those persons and entities who were savings account holders of the Thrift on the eligibility and supplemental eligibility record dates for such conversion and who continue from time to time to have rights therein. If required by the rules and regulations of the OTS, the Bank shall amend its charter to specifically provide for the continuation of the liquidation account previously established by Thrift.. ARTICLE II
Appears in 1 contract
Samples: Merger Agreement (NBC Capital Corp)
