When top managers of a mutual company decide they need to raise capital and become stock companies, they may go through a process called:

Name: When top managers of a mutual company decide they need to raise capital and become stock companies, they may go through a process called:
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Demutualization is the process by which a customer-owned mutual organization or co-operative changes legal form to a joint stock company. It is most commonly seen in the insurance and financial services industry.

When Top Managers of a Mutual Company Decide They Need