Connecticut Administrative Code

Regulations of Connecticut State AgenciesSec. 36a-136-33. Completion of sale of stock(a) All sales of stock shall be completed not later than forty-five calendar days after the last day of the subscription period, unless the offering is extended under subsection (b) of this secti…

Regulations of Connecticut State AgenciesSec. 36a-136-34. Completion of conversion(a) The plan of conversion shall set a date by which the conversion shall be completed. This date shall not be more than twenty-four months from the date that the governing board or, in the case of …

Regulations of Connecticut State AgenciesSec. 36a-136-35. Termination of the conversionThe governing board of the converting institution may terminate the conversion at any time, provided in the case of a mutual savings and loan association: (1) The depositors may terminate the c…

Regulations of Connecticut State AgenciesSec. 36a-136-36. Rights of depositors of the converted institution(a) Each depositor shall have, without payment, a withdrawable deposit account or accounts in the same amount and under the same terms and conditions as their accounts befor…

Regulations of Connecticut State AgenciesSec. 36a-126-29. Purchase of conversion shares by employee stock ownership plan(a) The converting institution's tax-qualified employee stock ownership plan may purchase up to ten per cent of the total offering of the conversion shares. (b)…

Regulations of Connecticut State AgenciesSec. 36a-136-37. Liquidation account(a) At the time of conversion, the converting institution shall establish a liquidation account. The initial balance of the liquidation account shall be the net worth of the converting institution in the…

Regulations of Connecticut State AgenciesSec. 36a-136-38. Implementation of a stock option plan or management or employee stock benefit plan(a) With the approval of commissioner, a converted institution may implement a stock option plan or management or employee stock benefit pla…

Regulations of Connecticut State AgenciesSec. 36a-136-39. Restrictions on trading of shares by directors, officers and their associates(a) Directors and officers who purchase conversion shares shall not sell the shares for one year after the date of purchase, except that the succ…

Regulations of Connecticut State AgenciesSec. 36a-136-4. Confidentiality(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…

Regulations of Connecticut State AgenciesSec. 36a-136-40. Repurchase of shares after conversion(a) A converted institution shall not repurchase its shares if: (A) The repurchase will reduce its regulatory capital below the amount required for the liquidation account under section…

Regulations of Connecticut State AgenciesSec. 36a-136-41. Declaration or payments of dividends after conversionThe 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 …

Regulations of Connecticut State AgenciesSec. 36a-136-42. Acquisition of shares after conversion(a) For three years after the conversion or such longer period as provided in the certificate of incorporation or plan of conversion, no person may, directly or indirectly, acquire or …

Regulations of Connecticut State AgenciesSec. 36a-136-43. Other requirements after conversionAfter the conversion, the converted institution shall:(a) Promptly register its shares under the Securities Exchange Act of 1934, 15 USC 78a et seq., and shall not deregister the shares f…

Regulations of Connecticut State AgenciesSec. 36a-136-44. Donation of conversion shares or conversion proceeds to a charitable organization(a) The converted institution may contribute some of its conversion shares or proceeds to a charitable organization if: (1) The plan of conve…

Regulations of Connecticut State AgenciesSec. 36a-136-45. Formation of a holding company as part of the conversionThe converting institution may convert to stock form as part of a transaction where it organizes a holding company to acquire all of its shares upon their issuance. I…

Regulations of Connecticut State AgenciesSec. 36a-136-46. Acquisition of another insured capital stock bank as part of the conversionWhen the converting institution converts to stock form, it may acquire for cash or stock another insured depository institution that is already in …

Regulations of Connecticut State AgenciesSec. 36a-136-47. Merger with an existing insured capital stock bank as part of the conversionA converting institution may convert to stock form by merging with an existing insured capital stock bank as part of a transaction in which the eq…

Regulations of Connecticut State AgenciesSec. 36a-136-48. Acquisition by an existing holding company as part of the conversion(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 capita…

Regulations of Connecticut State AgenciesSec. 36a-136-5. Adoption of plan of conversionPrior 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…

Regulations of Connecticut State AgenciesSec. 36a-136-6. Notice to depositors(a) (1) The converting institution shall promptly notify its depositors that its governing board adopted a plan of conversion and that a copy of the plan is available for the depositors’ inspection in th…

Regulations of Connecticut State AgenciesSec. 36a-136-7. Amendment of plan of conversion of a mutual savings and loan associationA converting mutual savings and loan association may amend the plan of conversion before it solicits proxies. After soliciting proxies, such converting…

Regulations of Connecticut State AgenciesSec. 36a-136-8. Filing requirements(a) The converting institution shall file an original and three copies of the conversion application using the \"Application for Conversion from a Mutual to a Stock Institution\" that may be obtained from…

Regulations of Connecticut State AgenciesSec. 36a-136-9. Confidentiality of conversion applicationThe converting institution may request the commissioner to keep portions of the conversion application confidential. The converting institution shall separately bind and clearly desi…

Regulations of Connecticut State AgenciesSec. 36a-145-1. Submissions concerning community reinvestment act compliance and consumer protection law compliance required in connection with applications for the establishment by Connecticut banks of branches, limited branches or mobile…

Regulations of Connecticut State AgenciesSec. 36a-332-1. Definitions (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended January 30, 1996; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AUTH…

Regulations of Connecticut State AgenciesSec. 36a-332-2. Requirements for qualification as qualified public depository (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended January 30, 1996; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repeal, see …

Regulations of Connecticut State AgenciesSec. 36a-332-3. Other terms and conditions (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AUTHORITY: Conn. Gen. Stat. § 36a-332 …

Regulations of Connecticut State AgenciesSec. 36a-332-4. Requirements for financial institutions to serve as trustee for segregated eligible collateral (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repea…

Regulations of Connecticut State AgenciesSec. 36a-332-5. Requirements for the transfer of eligible collateral (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June…

Regulations of Connecticut State AgenciesSec. 36a-332-6. Valuation of eligible collateral (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AUTHORITY: Conn. Gen. Stat. § 36…

Regulations of Connecticut State AgenciesSec. 36a-332-7. Reports to commissioner (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AUTHORITY: Conn. G…

Regulations of Connecticut State AgenciesSec. 36a-332-8. Total capital (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended January 30, 1996; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AU…

Regulations of Connecticut State AgenciesSec. 36a-333-1. Risk-based capital ratio (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Amended January 30, 1996; Amended July 31, 2006; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 1…

Regulations of Connecticut State AgenciesSec. 36a-333-2. Public deposits held by the depository (Repealed) Repealed June 11, 2014.(Effective May 22, 1992; ; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014) AUTHORITY: Conn. Gen. Stat…

Regulations of Connecticut State AgenciesSec. 36a-34-1. Definitions(a) As used in sections 36a-34-1 to 36a-34-3, inclusive, of the Regulations of Connecticut State Agencies: (1) \"Connecticut holding company\" shall have the same meaning as set forth in section 36a-410 of the Con…

Regulations of Connecticut State AgenciesSec. 36a-34-2. Submissions concerning community reinvestment act compliance, consumer protection law compliance and community reinvestment plan required in connection with applications for the establishment of branches, mergers or consolid…

Regulations of Connecticut State AgenciesSec. 36a-34-3. Submissions concerning community reinvestment act compliance, consumer protection law compliance and community reinvestment plan required in connection with the acquisition of beneficial ownership of voting securities of ban…

Regulations of Connecticut State AgenciesSec. 36a-40-1. DefinitionsAs used in sections 36a-40-3 and 36a-40-4 of the Regulations of Connecticut State Agencies: (1) \"Advices\" includes debit and credit advices on correspondent accounts and on all demand accounts. (2) \"Daily trans…

Regulations of Connecticut State AgenciesSec. 36a-40-2. General rules(a) Section 36a-40-3 of The Regulations of Connecticut State Agencies lists the records that shall be retained by Connecticut banks and the length of time that each such record shall be retained. Section 36a-40-…

Regulations of Connecticut State AgenciesSec. 36a-40-3. Connecticut banks(a) Administrative/Corporate - Retention Schedule(1) Minute books of meetings (corporators, stockholders, directors and all committees) - Permanent (2) Bank charter or certificate of incorporation, By-laws a…

Regulations of Connecticut State AgenciesSec. 36a-40-4. Connecticut credit unions(a) Administrative - Retention Schedule(1) Minutes of members' meetings, minutes of governing board and various committees - Permanent (2) Supervisory committee comprehensive annual audit reports and…

Regulations of Connecticut State Agencies(Transferred from § 36-555)

Regulations of Connecticut State AgenciesSec. 36a-412-1. Authority, scope, purpose (Repealed) Repealed June 11, 2014.(Effective March 25, 1991; TransferredApril 24, 1995; Amended January 30, 1996; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (J…

Regulations of Connecticut State AgenciesSec. 36a-412-2. Definition (Repealed) Repealed June 11, 2014.(Effective February 25, 1988; TransferredApril 24, 1995; Amended January 30, 1996; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act 14-187. (June 11, 2014…

Regulations of Connecticut State AgenciesSec. 36a-412-3. Supervision, examination and reports (Repealed) Repealed June 11, 2014.(Effective March 25, 1991; TransferredApril 24, 1995; Amended January 30, 1996; Repealed June 11, 2014)Notes: For 2014 repeal, see Sec. 54 of Public Act…

Regulations of Connecticut State AgenciesSec. 36a-428-1. Separate books and recordsEach foreign bank with a licensed state branch or licensed state agency shall make and keep separate books and accounts for each such branch or agency. (Adopted effective December 23, 1997) AUTHORI…

Regulations of Connecticut State AgenciesSec. 36a-428-2. LanguageEach foreign bank with a licensed state branch or licensed state agency shall make and keep books, accounts, and other financial records for each such branch or agency in English, or make and keep English translatio…

Regulations of Connecticut State AgenciesSec. 36a-428-3. ReportsEach foreign bank with a licensed state branch or licensed state agency shall file with the commissioner all reports pertaining to such foreign bank's operations in the United States that it files with any federal or…

Regulations of Connecticut State AgenciesSec. 36a-428c-1. DefinitionsThe definitions contained in section 36a-2 of the general statutes shall govern the interpretation of sections 36a-428-1 to 36a-428n-1, inclusive, of the Regulations of Connecticut State Agencies. In addition th…

Regulations of Connecticut State AgenciesSec. 36a-428c-2. Maintenance of assetsThe amount of eligible assets which is to be held by a foreign bank with a licensed state branch or licensed state agency is established at zero percent of its adjusted liabilities, provided the commis…