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Can you summarize 36a CTGS 137?
Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies - Secs. 36a-125 to 36a-249 > Conversion of a capital stock bank into another capital stock bank.
Short Summary
This legal document governs the conversion of a capital stock bank into another capital stock bank. It applies to capital stock Connecticut banks and capital stock federal banks. The document outlines the requirements for approval by the commissioner, the filing of a proposed plan of conversion, and the approval process by the governing board and shareholders. It also mentions the entitlement of shareholders to assert appraisal rights and obtain payment of the fair value of their shares. The document further specifies the conditions and procedures for conversion to a capital stock federal bank or a national banking association. It highlights the need for compliance with anti-money-laundering laws and regulations and the requirement for FDIC insurance before commencing business. The converted bank assumes the rights, privileges, and powers granted by its amended certificate of incorporation and the applicable provisions of the general statutes. No specific penalties are mentioned in this document.
Whom does it apply to?
Capital stock Connecticut banks, capital stock federal banks
What does it govern?
Conversion of a capital stock bank into another capital stock bank
What are exemptions?
The conversion of a capital stock federal bank to another capital stock federal bank is not covered by this section. The requirements of the commissioner's approval and subdivisions (3) to (5) do not apply to the conversion of a capital stock Connecticut bank into a national banking association.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Connecticut