Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-13 - Vote by depositors of a converting mutual savings and loan association

(a) After the commissioner approves the plan of conversion, the converting institution shall submit the plan of conversion to its depositors for approval. The converting institution shall obtain this approval at a special meeting.

(b) The plan of conversion shall require the approval of not less than fifty-one per cent of the votes cast by the depositors at the special meeting.

(c) Depositors may vote in person or by proxy. The converting institution shall determine depositors' eligibility to vote by setting a voting record date that is not more than sixty days or less than twenty days before the special meeting.

(d) The converting institution shall notify its depositors of the meeting to consider the conversion by sending them a proxy statement authorized by the commissioner twenty to forty-five days before the meeting. In the case of an account held in a fiduciary capacity, the converting institution shall also notify each beneficial holder of such account if the name and address of the beneficial holder is disclosed on the converting institution's records.

(e) Promptly after the depositors' meeting, the converting institution shall file the following information with the commissioner: