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Can you summarize 36a RCSA 136-48?
Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks (Department of Banking) > Acquisition by an existing holding company as part of the conversion
Short Summary
This legal document, part of the Connecticut Administrative Code and The Banking Law of Connecticut, governs the conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks. It outlines two methods of conversion: (a) conversion through an existing holding company acquiring all the capital stock of the converting institution, and (b) conversion through merging into an existing insured capital stock bank that is a wholly-owned subsidiary of a holding company. In both methods, eligible account holders and supplemental eligible account holders of the converting institution receive nontransferable rights from the holding company to purchase its capital stock. The document specifies that the requirements of sections 36a-136-1 to 36a-136-48 of the Regulations of Connecticut State Agencies apply to conversions under both methods. The document was adopted on September 7, 2007.
Whom does it apply to?
Converting institutions, existing holding companies, eligible account holders, supplemental eligible account holders
What does it govern?
Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut