H.R. 1553 · 111th Congress
Mutual Savings Association Preservation Act
- Stage
- In committee
- Sponsor
- Gary Ackerman
- Introduced
- 2009-03-17
- Latest action
- 2009-04-27 · Referred to the Subcommittee on Courts and Competition Policy.
Summary
Mutual Savings Association Preservation Act - Amends the Home Owners' Loan Act to: (1) prohibit any company or subsidiary, or any director, officer, employee, or person with voting power or holding proxies representing more than 25% of the voting shares of such company or subsidiary, from holding, soliciting, or exercising any proxies in respect of a mutual savings association in an attempt to control the association; and (2) allow an aggrieved association to bring a civil action to prevent such takeover attempts.