Ask Reggi Your Question Now
Can you summarize 36a CTGS 468b?
Credit Unions - Secs. 36a-435 to 36a-484 > Conversion of Connecticut credit union into federal credit union.
Short Summary
This legal document governs the process of converting a Connecticut credit union into a federal credit union. It applies to Connecticut credit unions that have been in existence and continuously operating for at least five years. The document outlines the requirements for conversion, including the filing of an application with the commissioner, adoption of a plan of conversion by the governing board, and compliance with applicable federal laws. It also specifies the voting process for members of the converting credit union and the approval criteria set by the commissioner. After receiving approval, the converting credit union must take necessary actions under federal law to become a federal credit union. The document further details the filing and recording requirements after conversion. The converted federal credit union assumes all rights, privileges, and powers granted by its federal charter and assumes all duties, obligations, and liabilities of the converting credit union. There are no specific exemptions or penalties mentioned in this document.
Whom does it apply to?
Connecticut credit unions that have been in existence and continuously operating for at least five years
What does it govern?
Conversion of Connecticut credit union into federal credit union
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut