Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-39 - Restrictions on trading of shares by directors, officers and their associates

(a) Directors and officers who purchase conversion shares shall not sell the shares for one year after the date of purchase, except that the successor in interest of a deceased officer or director may sell the shares. The converting institution shall include notice of such restriction on each certificate of stock that a director or officer purchases during the conversion or receives in connection with a stock dividend, stock split or otherwise with respect to such restricted shares. The converting institution shall instruct its stock transfer agent about the transfer restrictions in this section.

(b) For three years after the conversion, officers, directors and their associates may purchase the converted institution's stock only from a broker-dealer registered under the Connecticut Uniform Securities Act, except that officers, directors and their associates may engage in a negotiated transaction involving more than one per cent of outstanding stock and may purchase stock through any of the converted institution's management or employee stock benefit plans.