Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-41 - Declaration or payments of dividends after conversion
Universal Citation: CT Reg of State Agencies 36a-136-41
Current through September 9, 2024
The converting institution may declare or pay a dividend on its shares after the conversion if:
(1) The dividend will not reduce its regulatory capital below the amount required for the liquidation account under section 36a-136-37 of the Regulations of Connecticut State Agencies;
(2) It complies with the requirements of section 36a-110 of the Connecticut General Statutes; and
(3) It does not return any capital, other than ordinary dividends, to purchasers during the term of the business plan submitted with the conversion.
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