H.R.3291 - Mutual Holding Company Beneficial Owners' Protection Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Maloney, Carolyn B. [D-NY-14] (Introduced 07/22/2009)|
|Committees:||House - Financial Services|
|Latest Action:||07/22/2009 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3291 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (07/22/2009)
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.