Section 26C. Notwithstanding any general or special law to the contrary a co-operative bank subject to approval of the commissioner, may convert to a stockholder owned form of corporation.
Any co-operative bank which converts to a stockholder owned form of corporation shall have all the powers and privileges of a co-operative bank.
The commissioner shall prescribe from time to time such rules and regulations as may be necessary or proper in carrying out the provisions of this section. Such regulations shall be similar to regulations promulgated under Title 12 USC 1725 or Title 12 USC 1464; provided, that the commissioner may make such adjustments and exceptions as in his judgment are necessary to carry out the purposes of this section or to facilitate compliance therewith.
After conversion to a stockholder form of corporation pursuant to this section, sections seven to ten, inclusive, shall not apply to a converted bank, and such bank shall be subject to the provisions of sections eleven to fifteen, inclusive, sections nineteen, twenty, twenty-two, twenty-four, twenty-six A, twenty-six B, twenty-eight, thirty-one and other applicable sections of chapter one hundred and seventy-two.
Any regulation, or any amendment or repeal of any such regulation issued under the provisions of this section after compliance with all applicable provisions of chapter thirty A shall be submitted to the general court for approval. The commissioner shall file the proposed regulation, amendment or repeal with the clerk of the house of representatives, together with a statement that the pertinent provisions of said chapter thirty A have been complied with. Any regulations filed with the general court under the provisions of this section shall be accompanied by a summary of the regulations in layman’s terms. The clerk shall refer such regulations to the joint committee on banks and banking within five days of the filing thereof. The committee shall consider the proposed regulation, amendment or repeal and shall report to the general court within forty-five days whether the same should be adopted in the manner submitted. The clerk of the senate and the clerk of the house of representatives shall recommend to the general court the form and procedure which shall be followed in considering the approval of a proposed regulation, amendment or repeal, provided that approval or disapproval shall be by joint resolution.
The clerk of the senate shall cause any regulation, amendment or repeal, approved by both branches of the general court within seventy-five days from the time of filing of the same with the clerk of the house of representatives, to be forwarded to the governor for his approval; provided, however, that any such regulation, amendment or repeal which is not approved by the general court and the governor within ninety days of such filing shall be deemed to have been disapproved.
If the governor approves any regulation, amendment or repeal submitted to him, as hereinbefore provided, he shall forward the same to the state secretary who shall publish the same in accordance with section five of said chapter thirty A.
Emergency regulations may be adopted during the prorogation of the general court in the manner provided by section five of chapter thirty A; provided, that such regulation shall be filed with the clerk of the house of representatives for submission to the next session of the general court for approval as hereinbefore provided; and provided, further that such regulation shall not remain in force for more than ninety days after the general court has convened for such session.
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