Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-18 - Purchase priority and timing of offer to sell conversion shares
Universal Citation: CT Reg of State Agencies 36a-136-18
Current through September 9, 2024
(a) The converting institution shall offer to sell its shares in the following order:
(1)
Eligible account holders,
(2)
tax-qualified employee stock ownership plans,
(3) supplemental eligible account holders,
(4) other depositors who have
subscription rights, and
(5) the
community, the community and the general public or the general
public.
(b) The converting institution may offer to sell its conversion shares after the commissioner approves the conversion, authorizes the proxy statement, if applicable, and declares the offering circular effective. In the case of a mutual savings and loan association, the offer may commence at the same time as the proxy solicitation of depositors.
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