Transfer of Deposit Accounts. Each Deposit Account in the New Bank at the time of the consummation of the Conversion and Reorganization shall become, without further action by the holder, a Deposit Account in the New Bank equivalent in withdrawable amount to the withdrawal value (as adjusted to give effect to any withdrawal made for the purchase of Conversion Stock), and subject to the same terms and conditions (except as to voting and liquidation rights) as such Deposit Account in the New Bank immediately preceding consummation of the Conversion and Reorganization. Holders of Deposit Accounts in the New Bank shall not, as such holders, have any voting rights.
Appears in 2 contracts
Sources: Plan of Conversion and Reorganization (Bridge Street Financial Inc), Plan of Conversion and Agreement and Plan of Reorganization (Bridge Street Financial Inc)