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Can you summarize 36a CTGS 469b?
Credit Unions - Secs. 36a-435 to 36a-484 > Conversion of federal or out-of-state credit union into Connecticut credit union.
Short Summary
This legal document outlines the process for converting a federal or out-of-state credit union into a Connecticut credit union. The conversion requires compliance with federal or chartering state requirements, filing proof of compliance with the commissioner, and submitting an application with various documents. The commissioner will review the application and determine if the conversion serves the economic needs of the proposed field of membership, if the converting credit union has the managerial capacity and financial resources, if it has adequate net worth, and if its anti-money-laundering programs and compliance are adequate. Upon approval, the converting credit union must file and record the approval, certificate of incorporation, and certificate of authority with the Secretary of the State. The converted Connecticut credit union assumes all rights, privileges, powers, assets, and liabilities of the converting credit union. Additionally, within ninety days of conversion, the Connecticut credit union must record a certificate of effectiveness in each town where it owns real property.
Whom does it apply to?
Federal credit unions, out-of-state credit unions, and the Connecticut credit union
What does it govern?
Conversion of federal or out-of-state credit union into Connecticut credit union
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut