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Can you summarize 36a CTGS 138?
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 institution into a mutual institution.
Short Summary
This legal document governs the conversion of a capital stock bank into a mutual bank. It applies to capital stock banks and provides the process and requirements for such conversions. However, it does not apply to the conversion of a capital stock federal bank into a mutual federal bank. The document states that the commissioner must approve the conversion if certain conditions are met, including compliance with applicable laws, serving public necessity and convenience, and having adequate equity capital. Additionally, the converting institution must have programs, policies, and procedures relating to anti-money-laundering activity, and a record of compliance with anti-money-laundering laws and regulations. The converted institution is required to have its insurable accounts and deposits insured by the Federal Deposit Insurance Corporation or its successor agency before commencing business. No specific penalties are mentioned in this document.
Whom does it apply to?
Capital stock banks
What does it govern?
Conversion of a capital stock institution into a mutual institution
What are exemptions?
This section does not apply to the conversion of a capital stock federal bank into a mutual federal bank.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Connecticut