Connecticut Administrative Code
Title 36a - The Banking Law of Connecticut
136 - Conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks
Section 36a-136-48 - Acquisition by an existing holding company as part of the conversion
Current through September 9, 2024
(a) A converting institution may convert to stock form as part of a transaction in which an existing holding company acquires upon issuance all the capital stock of the converted institution. In such a transaction, the eligible account holders and supplemental eligible account holders of the converting institution shall receive, without payment, nontransferable rights under section 36a-136-24 of the Regulations of Connecticut State Agencies from the holding company to purchase its capital stock in lieu of the capital stock of the converting institution. Unless clearly inapplicable, all of the requirements of sections 36a-136-1 to 36a-136-48, inclusive, of the Regulations of Connecticut State Agencies shall apply to a conversion under this subsection.
(b) A converting institution may convert to stock form by merging into an existing insured capital stock bank which is a wholly-owned subsidiary of a holding company. In such a transaction, the eligible account holders and supplemental eligible account holders of the converting institution shall receive, without payment, nontransferable rights under section 36a-136-24 of the Regulations of Connecticut State Agencies from the holding company to purchase its capital stock in lieu of capital stock of the converting institution. Unless clearly inapplicable, all of the requirements of sections 36a-136-1 to 36a-136-48, inclusive, of the Regulations of Connecticut State Agencies shall apply to a conversion under this subsection.
