Sec. 36a-195. (Formerly Sec. 36-142dd). Issuance of preferred stock.
Sec. 36a-195. (Formerly Sec. 36-142dd). Issuance of preferred stock. (a) Notwithstanding any other provision of law, a reorganized savings bank may exercise any
and all of the powers, rights and privileges of, and shall be subject to all of the limitations
not inconsistent with sections 36a-192 to 36a-199, inclusive, and applicable to, a capital
stock savings bank as provided under the laws of this state.
(b) Notwithstanding any other provision of law, a reorganized savings and loan
association may exercise any and all of the powers, rights and privileges of, and shall
be subject to all of the limitations not inconsistent with sections 36a-192 to 36a-199,
inclusive, and applicable to, a capital stock savings and loan association as provided
under the laws of this state.
(c) A reorganized savings institution shall have the power to issue preferred stock
in accordance with the procedures contained in section 36a-106. The voting rights of
holders of shares of preferred stock of a reorganized savings institution shall be limited
to those voting rights required under the provisions of chapter 601. Upon any liquidation
of such reorganized savings institution, the priority of the holders of any shares of preferred stock shall be limited to repayment of their original investment in such shares
and any dividends earned but unpaid prior to such liquidation.
(d) A reorganized savings institution, other than that held by a subsidiary holding
company, shall have the power to issue to persons other than the mutual holding company
of which it is a subsidiary, an amount of common stock and securities convertible into
common stock which in the aggregate does not exceed forty-nine per cent of the issued
and outstanding common stock of such reorganized savings institution. For purposes
of the forty-nine per cent limitation, any issued and outstanding securities that are convertible into common stock shall be considered as issued and outstanding common stock.
(P.A. 85-330, S. 5, 14; P.A. 94-122, S. 86, 340; P.A. 96-271, S. 202, 254; P.A. 02-47, S. 12.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-142dd transferred to Sec. 36a-195 in
1995; P.A. 96-271 amended Subsec. (c) to replace reference to Ch. 599 with Ch. 601, effective January 1, 1997; P.A. 02-47 amended Subsec. (d) by adding "other than that held by a subsidiary holding company", effective May 9, 2002.