H.R. 3291 would protect the rights of public shareholders of mutual holding companies by promoting fair corporate governance procedures when considering management or employee stock benefit plans.
Detailed Summary
Mutual Holding Company Beneficial Owners' Protection Act of 2009 - Amends the Home Owners' Loan Act, the Federal Deposit Insurance Act, and the Bank Holding Company Act to prohibit any savings association, savings and loan holding company, insured depository institution, or bank holding company that is a subsidiary of a mutual holding company from establishing or implementing any plan (or plan amendment ) to award stock options or to provide stock or any stock interest as compensation or benefits to either management or employees, unless a majority of the total (non-mutual holding company) votes eligible to be cast for it approve.
Declares void and unenforceable any provision of the charter or bylaws of such entities which has the effect of excluding or preventing such votes.<br>
Status of the Legislation
Latest Major Action: 7/22/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.
Points in Favor
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Points Against
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