Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-34 - Completion of conversion

Universal Citation: CT Reg of State Agencies 36a-136-34

Current through September 9, 2024

(a) The plan of conversion shall set a date by which the conversion shall be completed. This date shall not be more than twenty-four months from the date that the governing board or, in the case of a mutual savings and loan association, the depositors approve the plan of conversion. The date, once set, shall not be extended by the converting institution without the approval of the commissioner.

(b) The conversion shall be deemed complete on the date that the converting institution accepts the offers for the stock.

(c) Promptly after completion of the conversion, the converting institution shall submit an opinion of counsel that it complied with all laws applicable to the conversion.

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