Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-22 - Payment for conversion shares by subscribers
Universal Citation: CT Reg of State Agencies 36a-136-22
Current through September 9, 2024
(a) A subscriber may purchase conversion shares with cash, by a withdrawal from a savings account or a withdrawal from a certificate of deposit. If a subscriber purchases shares by a withdrawal from a certificate of deposit, the converting institution shall not assess a penalty for the withdrawal.
(b) The converting institution shall not extend credit to any person to purchase the conversion shares.
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