Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-27 - Limitations on the aggregate purchases of conversion shares by officers, directors and their associates
Current through September 9, 2024
(a) Officers and directors of the converting institution and their associates shall not purchase, in the aggregate, more than the following percentage of the total stock offering in the conversion:
|
Officer, director and associate |
|
|
Institution size |
purchases (per cent) |
|
$50,000,000 or less |
35 |
|
$50,000,001-100,000,000 |
34 |
|
$100,000,001-150,000,000 |
33 |
|
$150,000,001-200,000,000 |
32 |
|
$200,000,001-250,000,000 |
31 |
|
$250,000,001-300,000,000 |
30 |
|
$300,000,001-350,000,000 |
29 |
|
$350,000,001-400,000,000 |
28 |
|
$400,000,001-450,000,000 |
27 |
|
$450,000,001-500,000,000 |
26 |
|
Over $500,000,000 |
25 |
(b) The purchase limitations in this section shall not apply to shares held in tax-qualified employee stock benefit plans that are attributable to the officers, directors and their associates.
