Demutualization's the process by which a customer-owned mutual organization (mutual) or co-operative changes legal form to a joint stock company. It's sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a "windfall" payout, in the form of shares in the successor company, a cash payment, or a mixture of both. Mutualization or mutualisation's the opposite process, wherein a shareholder-owned company's converted into a mutual organ… (More on Demutualisation)