1、1 A “savings association” is defined as:(A) any Federal savings association;(B) any State savings association; and(C) any corporation (other than a bank) that the Board of Directors of the Federal DepositInsurance Corporation and the Director of the Office of Thrift Supervision jointly determine tob
2、e operating in substantially the same manner as a savings association. 12 U.S.C. 1462(4),referencing 12 U.S.C. 1813(b)(1).2 A mutual savings association is a savings association owned by the members of the association. If a mutual savings association converts to the stock form of ownership, the orga
3、nization isowned by the shareholders.3 12 U.S.C. 1464(i)(1).4 Id.Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS22457June 14, 2006Conversion of a Savings Association from theMutual to the Stock Form of Ownership:Current Legal Pro
4、cessname redactedLegislative AttorneyAmerican Law DivisionSummaryA savings association is permitted by statute to convert from the mutual to thestock form of ownership. Regulations issued by the Director of the Office of ThriftSupervision provide the procedures by which a conversion may occur. This
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