4054                                                      VETOES

(E) WITHIN 3 MONTHS AFTER THE APPLICATION FOR APPROVAL OF
REORGANIZATION IS FILED FOR EXAMINATION, THE BANK COMMISSIONER
SHALL APPROVE OR REJECT THE APPLICATION. THE BANK COMMISSIONER
MAY NOT APPROVE THE APPLICATION UNLESS THE BANK COMMISSIONER
DETERMINES:

(1) THAT THE PLAN OF REORGANIZATION IS:

(I) REASONABLY REQUIRED TO PROTECT THE GENERAL
ECONOMIC WELFARE OF THE GENERAL ECONOMY OF THIS STATE;

(II) NOT DETRIMENTAL TO THE PUBLIC INTEREST OR
THE SAVINGS BANK; AND

(III) IN COMPLIANCE WITH THE REGULATIONS AND
CONDITIONS THAT THE BANK COMMISSIONER ADOPTS; AND

(2) THAT THE REORGANIZATION IS PURSUANT TO AN
ACQUISITION BY THE MUTUAL HOLDING COMPANY OF ALL THE STOCK OF A
SAVINGS AND LOAN ASSOCIATION AND THAT:

(I) EXIGENT CIRCUMSTANCES EXIST THAT MAKE THE
ACQUISITION NECESSARY TO MAINTAIN THE VIABILITY OR PREVENT THE
PROBABLE FAILURE OF THE SAVINGS AND LOAN ASSOCIATION ACQUIRED;
AND

(II) THE MUTUAL HOLDING COMPANY AGREES TO
OBTAIN FEDERAL INSURANCE FOR THE DEPOSITS OF THE ACQUIRED SAVINGS
AND LOAN WITHIN THE TIME LIMITATION IMPOSED BY THE BANK
COMMISSIONER .;

(3) THAT IMMEDIATELY BEFORE THE REORGANIZATION. THE
DEPOSITORS OF THE SAVINGS BANK ARE ENTITLED TO DEPOSITS IN THE
SUBSIDIARY SAVINGS BANK OF LIKE AMOUNTS. INTEREST RATE, ANY OTHER
TERMS, WITHOUT INTERRUPTION OF INTEREST;

(4) THAT ALL DEPOSITS CONTINUE TO BE INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION UP TO THE MAXIMUM AMOUNT
PROVIDED BY LAW; AND

(5) THAT THE APPLICANT HAS MET ALL THE REQUIREMENTS
OF THIS SUBTITLE AND SUBTITLE 9 OF THIS TITLE.

4-804.

(A) IN CONNECTION WITH THE REORGANIZATION OF A SAVINGS BANK
INTO A MUTUAL HOLDING COMPANY PURSUANT TO THIS SUBTITLE; AND

WITH THE APPROVAL OF THE BANK COMMISSIONER, THE MUTUAL HOLDING

COMPANY MAY RETAIN ASSETS TO THE EXTENT THAT THEY ARE NOT THEN
REQUIRES BY THE SUBSIDIARY SAVINGS BANK TO SATISFY STATE Or
FEDERAL CAPITAL OR RESERVE REQUIREMENTS.

(B) AFTER REORGANIZATION PURSUANT TO THIS SUBTITLE, A
MUTUAL HOLDING COMPANY SHALL: