Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-24 - Subscription rights of eligible account holders and supplemental eligible account holders
Universal Citation: CT Reg of State Agencies 36a-136-24
Current through September 9, 2024
(a) The converting institution shall give each eligible account holder subscription rights to purchase conversion shares in an amount equal to the greater of:
(1) The maximum purchase limitation
established for the community offering or the public offering under section
36a-136-32
of the Regulations of Connecticut State Agencies;
(2) One-tenth of one per cent of the total
stock offering; or
(3) Fifteen
times the following number: The total number of conversion shares that will be
issued multiplied by a fraction whose numerator is the total qualifying deposit
of the eligible account holder and denominator is the total qualifying deposits
of all eligible account holders. The product of this multiplied fraction shall
be rounded to the next whole number.
(b) The converting institution shall give subscription rights to purchase shares to each supplemental eligible account holder in the same amount as described in subsection (a) of this section, except that the numerator of the fraction described in subdivision (3) of subsection (a) of this section shall be the total qualifying deposit of the supplemental eligible account holder and the denominator shall be the total qualifying deposits of all supplemental eligible account holders.
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