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Can you summarize 36a CTGS 135?
Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies - Secs. 36a-125 to 36a-249 > Conversions of a mutual institution into another mutual institution.
Short Summary
This legal document governs the conversions of a mutual institution into another mutual institution. It applies to mutual savings banks, federal mutual savings banks, mutual savings and loan associations, and federal mutual savings and loan associations. However, it does not apply to the conversion of a mutual federal bank into another mutual federal bank. The document outlines the requirements for such conversions, including the filing of a proposed plan of conversion, approval by the governing board and depositors/members, and compliance with federal law for conversions involving federal institutions. It also specifies the procedures for dissenting depositors and the rights and obligations of the converted institution. The document further addresses conversions to federal mutual savings banks or federal mutual savings and loan associations, as well as conversions to mutual savings banks or mutual savings and loan associations. The approval of the commissioner, filing of necessary documents, and compliance with anti-money-laundering laws and regulations are required for these conversions. The converted institution must also obtain FDIC insurance before commencing business. Overall, this document provides the legal framework for conversions of mutual institutions in Connecticut.
Whom does it apply to?
Mutual savings banks, federal mutual savings banks, mutual savings and loan associations, federal mutual savings and loan associations
What does it govern?
Conversions of a mutual institution into another mutual institution
What are exemptions?
This section does not apply to the conversion of a mutual federal bank into another mutual federal bank.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut