Sec.36a-136-5. Adoption of plan of conversion

Prior to filing an application for conversion, the governing board of the converting institution shall adopt, by at least a majority vote, a plan of conversion that conforms to sections 36a-136-1 to 36a-136-48, inclusive, of the Regulations of Connecticut State Agencies. The plan of conversion is required, under section 36a-136-8 of the Regulations of Connecticut State Agencies, to be included in the converting institution's conversion application. The plan of conversion shall include the information included in sections 36a-136-18 to 36a-136-37, inclusive, and 36a-136-39 of the Regulations of Connecticut State Agencies. The commissioner may require the converting institution to delete or revise any provision in the plan of conversion if the commissioner determines that the provision is inequitable, detrimental to the converting institution, its account holders or other Connecticut-chartered banks or contrary to public interest.

(Adopted effective September 7, 2007)