Transfer of Deposit Accounts. Each Deposit Account in the Bank at the time of the consummation of the Conversion and Reorganization shall become, without further action by the holder, a Deposit Account in the Bank equivalent in withdrawable amount to the withdrawal value (as adjusted to give effect to any withdrawal made for the purchase of Conversion Stock), and subject to the same terms and conditions (except as to voting and liquidation rights) as such Deposit Account in the Bank immediately preceding consummation of the Conversion and Reorganization. Holders of Deposit Accounts in the Bank shall not, as such holders, have any voting rights.
Appears in 4 contracts
Samples: Plan of Merger (Guaranty Federal Bancshares Inc), Willow Grove Bancorp Inc, Cumberland Mountain Bancshares Inc
Transfer of Deposit Accounts. Each Deposit Account in the Savings Bank at the time of the consummation of the Conversion and Reorganization shall become, without further action by the holder, a Deposit Account in the Savings Bank equivalent in withdrawable amount to the withdrawal value (as adjusted to give effect to any withdrawal made for the purchase of Conversion Common Stock), and subject to the same terms and conditions (except as to voting and liquidation rights) as such Deposit Account in the Savings Bank immediately preceding consummation of the Conversion and ReorganizationConversion. Holders of Deposit Accounts in the Savings Bank shall not, as such holders, have any voting rights.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Bradford Bancorp Inc /MD), Agreement and Plan of Merger (Patapsco Bancorp Inc)
Transfer of Deposit Accounts. Each Deposit Account in the New Bank at the time of the consummation of the Conversion and Reorganization shall become, without further action by the holder, a Deposit Account in the New Bank equivalent in withdrawable amount to the withdrawal value (as adjusted to give effect to any withdrawal made for the purchase of Conversion Stock), and subject to the same terms and conditions (except as to voting and liquidation rights) as such Deposit Account in the New Bank immediately preceding consummation of the Conversion and Reorganization. Holders of Deposit Accounts in the New Bank shall not, as such holders, have any voting rights.
Appears in 2 contracts
Samples: Plan of Merger (Bridge Street Financial Inc), Plan of Merger (Bridge Street Financial Inc)
