Ask Reggi Your Question Now
Can you summarize 36a CTGS 125?
Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies - Secs. 36a-125 to 36a-249 > (Formerly Sec. 36-193u). Merger and consolidation of Connecticut banks.
Short Summary
This legal document, formerly known as Section 36-193u, governs the merger and consolidation of Connecticut banks. It allows any two or more Connecticut banks to merge or consolidate into a single Connecticut bank with the approval of the commissioner. The resulting bank can operate as a bank and trust company, or a capital stock or mutual savings bank or savings and loan association. The document outlines the requirements for the merger or consolidation agreement, including the proposed certificate of incorporation, details of the resulting bank, and the conversion of shares. It also specifies the approval process, considerations for the commissioner, and the filing requirements. The document further explains the rights, liabilities, and obligations of the constituent banks and the resulting bank after the merger or consolidation. No penalties or exemptions are mentioned in this document.
Whom does it apply to?
Connecticut banks
What does it govern?
Merger and consolidation of Connecticut banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut