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Can you summarize 36a CTGS 468a?
Credit Unions - Secs. 36a-435 to 36a-484 > Mergers.
Short Summary
This section of the General Statutes of Connecticut, specifically within The Banking Law of Connecticut, governs the process of mergers involving credit unions in Connecticut. It outlines the requirements and procedures for Connecticut credit unions to merge with other Connecticut credit unions, federal credit unions, or out-of-state credit unions. The approval of the commissioner is necessary for such mergers. The document specifies the necessary steps for credit unions proposing to merge, including the adoption of a plan of merger, entering into a merger agreement, filing an application with the commissioner, and providing financial statements. It also addresses the considerations the commissioner must take into account when approving a merger, such as the financial condition of the resulting credit union, competition in the credit union industry, and compliance with anti-money-laundering laws. Once approved, the resulting credit union must file the necessary documents with the Secretary of the State. The document also outlines the effects of the merger, including the continuation of the corporate existence of the parties involved and the assumption of debts and liabilities by the resulting credit union.
Whom does it apply to?
Connecticut credit unions, federal credit unions, and out-of-state credit unions
What does it govern?
Mergers of credit unions in Connecticut
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut