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Can you summarize 36a RCSA 136?
The Banking Law of Connecticut > Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks (Department of Banking)
Short Summary
This legal document governs the process of converting mutual Connecticut banks to capital stock Connecticut banks. It provides definitions and terms used in the conversion process and outlines the requirements for the conversion application, business plan, notification to depositors, proxy solicitation, offering circular, and other necessary documents. The document also specifies the allocation of conversion shares, purchase limitations, and restrictions on sales and repurchases of shares. It further addresses the establishment and maintenance of a liquidation account, the implementation of stock option plans, and the acquisition of shares by directors, officers, and their associates. The document emphasizes the need for compliance with applicable laws and regulations, including those related to disclosure, voting, and trading of shares. Overall, it aims to ensure a fair and equitable conversion process for all parties involved.
Whom does it apply to?
Persons and entities involved in the conversion process
What does it govern?
The conversion of mutual Connecticut banks to capital stock Connecticut banks
What are exemptions?
Exemptions for tax-qualified employee stock benefit plans from being deemed to be acting in concert with their trustees or persons serving in a similar capacity
What are the Penalties?
No specific penalties mentioned in the document
Jurisdiction
Connecticut