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Can you summarize 36a CTGS 469c?
Credit Unions - Secs. 36a-435 to 36a-484 > Conversion of Connecticut or federal credit union into mutual savings bank, mutual savings and loan association or mutual community bank.
Short Summary
This legal document outlines the process for converting a Connecticut or federal credit union into a mutual savings bank, mutual savings and loan association, or mutual community bank. The conversion must comply with the provisions outlined in this document. For a federal credit union, the conversion must also be permitted by federal law and meet all federal requirements. The converting credit union is required to submit a proposed plan of conversion, including financial reports, a business plan, and a three-year financial forecast. The plan must be approved by the governing board and members of the credit union. The commissioner will review the conversion and consider factors such as the population and existing banking facilities in the area to be served, as well as the character and experience of the proposed directors and officers. The commissioner must also determine that the converting credit union has complied with applicable laws, has sufficient equity capital, and that the conversion will serve the public necessity and convenience. The converted mutual Connecticut bank must provide adequate services to meet the banking needs of all community residents, including low-income and moderate-income residents. Once approved, the converting credit union will receive a certificate of authority to commence business and will file the necessary documents with the Secretary of the State and town clerk. The converted mutual Connecticut bank will assume all rights, privileges, and powers of the institution it converted into, as well as the duties, obligations, and liabilities of the converting credit union. The document also specifies the recording of a certificate and the limitations on exercising fiduciary powers until authorized by the commissioner.
Whom does it apply to?
Connecticut credit unions and federal credit unions
What does it govern?
Conversion of Connecticut or federal credit union into mutual savings bank, mutual savings and loan association or mutual community bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut