(a) Except for shares issued to a mutual holding company, and except for shares issued to the employee stock benefit plans of the stock savings bank or reserved to satisfy the stock option plans of the stock savings bank, whether adopted in connection with the reorganization, a subsequent offering or the conversion, all shares of stock issued in connection with a reorganization shall be subject to subscription rights granted to eligible account holders. As used in this Part, “shares of stock issued in connection with the reorganization of a mutual savings bank” include shares issued upon the reorganization, shares sold by a mutual holding company or a savings bank subsidiary in any subsequent offering (whether shares held by the mutual holding company or shares newly issued by the stock savings bank), shares reserved to satisfy any stock option plan, and shares sold in connection with the conversion.

(b) An eligible account holder for the purposes of this section is any depositor of a savings bank who owned in such bank one or more accounts having an aggregate balance of $100 or more on the pertinent record date. In the case of the reorganization, the record date shall be the date established by the board of trustees, which date shall be no less than 30 and no more than 120 days prior to the date on which the plan of reorganization is adopted by the trustees; in the case of any subsequent offering, the record date shall be the date established by the board of directors of the stock-form savings bank issuing new shares or board of trustees of the mutual holding company selling shares, as the case may be, which date shall be no less than 30 and no more than 120 days prior to the date on which the shares are offered; in the case of the conversion, the record date shall be the date established by the mutual holding company's board of trustees, which date shall be no less than 30 and no more than 120 days prior to the date on which the plan of conversion is adopted by the trustees.

(c) Subscription rights shall not be granted to any eligible account holder in connection with a reorganization, subsequent offering, or conversion to acquire more than five percent of the total issued and outstanding shares of the stock-form savings bank or holding company, after taking the offering into account.