Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-4 - Confidentiality
Universal Citation: CT Reg of State Agencies 36a-136-4
Current through September 9, 2024
(a) The converting institution may discuss information about the conversion with individuals that it authorizes to prepare documents for the conversion or otherwise engages to assist in the conversion process.
(b) Except as permitted under subsection (a) of this section, the converting institution shall keep all information about the conversion confidential until its governing board adopts the plan of conversion.
(c) If the converting institution violates this section, the commissioner may require it to take remedial action, including any or all of the following actions:
(1) Publicly announce that the converting
institution is considering a conversion;
(2) Set an eligibility record date acceptable
to the commissioner;
(3) Limit the
subscription rights of any person who violates or aids in a violation of this
section; or
(4) Take any other
action to assure that the conversion is fair and equitable.
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