(a) The conversion plan must provide that a person or group of persons acting in concert,
other than the mutual holding company or an intermediate holding company, may not
acquire, in a public or private offering or through an exercise of stock subscription
rights, more than 10 percent of the capital stock of the resulting company unless
the acquisition of the stock or stock subscription rights is approved in advance by
(b) Subsection (a) does not apply to an entity that purchases and retains at all times
a majority of the voting shares of the capital stock of the resulting company as part
of the conversion plan approved by the commissioner.
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