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Can you summarize 36a CTGS 136?
Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies - Secs. 36a-125 to 36a-249 > (Formerly Sec. 36-142m). Conversion of a mutual institution to a capital stock bank. Plan of conversion.
Short Summary
This legal document, formerly known as Section 36-142m, governs the conversion of mutual institutions to capital stock banks in the state of Connecticut. It applies to mutual savings banks, mutual savings and loan associations, federal mutual savings banks, and federal mutual savings and loan associations. However, it does not apply to the conversion of a mutual federal bank to a capital stock federal bank. The document outlines the requirements and procedures for conversion, including the filing of a proposed plan of conversion, approval by the governing board and depositors/members, and the establishment of a liquidation account for account holders. The Commissioner of the state’s banking department has the authority to approve or deny conversion applications. The document also mentions the need for compliance with federal law and regulations for conversions involving federal institutions. No specific penalties are mentioned in this document.
Whom does it apply to?
Mutual savings banks, mutual savings and loan associations, federal mutual savings banks, federal mutual savings and loan associations
What does it govern?
Conversion of a mutual institution to a capital stock bank
What are exemptions?
This section does not apply to the conversion of a mutual federal bank to a capital stock federal bank.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut