Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-23 - Payment of interest on payments for conversion shares
Current through September 9, 2024
(a) The converting institution shall pay interest from the date it receives a payment for conversion shares until the date the conversion is completed or terminated. Interest shall be paid at no less than the passbook rate for amounts paid in cash, check or money order.
(b) If a subscriber withdraws money from a savings account to purchase conversion shares, the converting institution shall pay interest on the payment until the conversion is completed or terminated as if the withdrawn amount remained in the account.
(c) If a depositor fails to maintain the applicable minimum balance requirement because he or she withdraws money from a certificate of deposit to purchase conversion shares, the converting institution may cancel the certificate and pay interest at no less than the passbook rate on any remaining balance.
