Title 36a — Title 36a: The Banking Law of Connecticut

Sec. 36a-125. (Formerly Sec. 36-193u). Merger and consolidation of Connecticut banks. (a) Except as provided in subsection (i) of this section, any two or more Connecticut banks may, with the approval of the commissioner, merge or consolidate into a single Connecticut bank. As us…

Sec. 36a-126. Merger and consolidation of Connecticut banks with federal banks. (a)(1) Except as provided in this subsection, any one or more Connecticut banks may merge or consolidate with one or more federal banks, the resulting bank to continue business as a Connecticut bank, …

Sec. 36a-127. Merger of Connecticut bank with nonbank affiliates. A Connecticut bank may merge with one or more of its affiliates that are not banks or out-of-state banks, provided the resulting institution is a Connecticut bank. Such merger shall be effected in accordance with t…

Sec. 36a-128. Duties of commissioner re complaints concerning mergers of financial institutions. Reports. (a) For purposes of this section: (1) “Connecticut bank” has the same meaning as provided in section 36a-2; (2) “Connecticut credit union” has the same meaning as provided in…

Secs. 36a-129 to 36a-134. Reserved for future use. PART II CONVERSIONS

Sec. 36a-135. Conversions of a mutual institution into another mutual institution. (a)(1) Any mutual savings bank, federal mutual savings bank, mutual savings and loan association, or federal mutual savings and loan association may convert into a mutual savings bank, federal mutu…

Sec. 36a-136. (Formerly Sec. 36-142m). Conversion of a mutual institution to a capital stock bank. Plan of conversion. (a) With the approval of the commissioner, any mutual savings bank, mutual savings and loan association, federal mutual savings bank or federal mutual savings an…

Sec. 36a-137. Conversion of a capital stock bank into another capital stock bank. (a)(1) Any capital stock Connecticut bank or capital stock federal bank may convert into any other capital stock Connecticut bank or capital stock federal bank upon the approval of the conversion by…

Sec. 36a-138. Conversion of a capital stock institution into a mutual institution. (a) With the approval of the commissioner, any capital stock bank may convert into a mutual bank, in accordance with the provisions of this section and any regulations that the commissioner may ado…

Sec. 36a-139. (Formerly Sec. 36a-252). Conversion of community banks to Connecticut banks. (a) Any community bank organized pursuant to subsection (r) of section 36a-70 may, upon the approval of the commissioner, convert to a Connecticut bank that is authorized to operate without…

Sec. 36a-139a. (Formerly Sec. 36a-252a). Conversion of innovation banks and trust banks. (a) Any innovation bank or any trust bank may, upon the approval of the commissioner, convert to a Connecticut bank that is authorized to accept retail deposits and operate without the limita…

Sec. 36a-139b. Conversion to an innovation bank. (a) Any Connecticut bank may, upon the approval of the commissioner, convert to an innovation bank. (b) The converting bank shall file with the commissioner a proposed plan of conversion, a copy of the proposed amended certificate …

Secs. 36a-140 to 36a-144. Reserved for future use. PART III BRANCHES

Sec. 36a-145. (Formerly Sec. 36-59). Branches, limited branches, mobile branches and loan production offices. Establishment, operation, conversion, closing, relocation, consolidation and sale. (a) As used in this section: (1) “Branch” means any office at a fixed location of a Con…

Secs. 36a-146 to 36a-154. Reserved for future use. PART IV AUTOMATED TELLER MACHINES, SATELLITE DEVICESAND POINT OF SALE TERMINALS

Sec. 36a-155. (Formerly Sec. 36-193b). Establishment and use of automated teller machines, satellite devices and point of sale terminals. (a) One or more banks, Connecticut credit unions or federal credit unions may establish, and use on a transaction fee basis, automated teller …

Sec. 36a-156. (Formerly Sec. 36-193c). Availability of automated teller machines, satellite devices and point of sale terminals. (a) One or more banks, Connecticut credit unions or federal credit unions that have established a satellite device or point of sale terminal shall make…

Sec. 36a-157. (Formerly Sec. 36-193d). Satellite device or point of sale terminal not branch or office. A satellite device or point of sale terminal is not considered a branch or office for any purpose under this title. (P.A. 75-373, S. 4, 9; P.A. 78-66, S. 2; P.A. 92-12, S. 54; …

Sec. 36a-158. (Formerly Sec. 36-193f). Establishment and use of automated teller machines and point of sale terminals by out-of-state banks and out-of-state credit unions. (a) Except as provided in subsection (b) of this section, no out-of-state bank or out-of-state credit union …

Sec. 36a-159. (Formerly Sec. 36-193h). Transactions at point of sale terminals. Changes in transactions permitted. At such time as national banking associations having their main offices in this state are permitted to establish and use point of sale terminals, or other functional…

Secs. 36a-160 to 36a-169. Reserved for future use. PART V VIRTUAL BANKING

Sec. 36a-170. (Formerly Sec. 36-9ff). Virtual banking. (a) As used in this section, “virtual banking” means the provision of banking services by any bank, out-of-state bank, Connecticut credit union or federal credit union pursuant to its charter that are made available to a cust…

Secs. 36a-171 to 36a-179. Reserved for future use. PART VI BANK HOLDING COMPANIES

Sec. 36a-180. (Formerly Sec. 36-418). Short title: Connecticut Bank Holding Company and Bank Acquisition Act. Sections 36a-180 to 36a-191, inclusive, shall be known as the “Connecticut Bank Holding Company and Bank Acquisition Act”. (1969, P.A. 598, S. 1.) History: Sec. 36-418 tr…

Sec. 36a-181. (Formerly Sec. 36-420). Organization of holding companies by capital stock Connecticut banks. (a) A capital stock Connecticut bank, which is not owned or controlled by a holding company, may organize a holding company in accordance with the provisions of this sectio…

Sec. 36a-182. (Formerly Sec. 36-421). Ownership of bank shares not to be considered as transacting banking business. No corporation shall be considered as transacting the business of or promoting the purpose of a bank and trust company, capital stock savings and loan association …

Sec. 36a-183. (Formerly Sec. 36-422). Applicability and construction of sections 36a-180 to 36a-191, inclusive. (a) The application of sections 36a-180 to 36a-191, inclusive, shall not be affected by the fact that a transaction takes place wholly or partly outside this state or t…

Sec. 36a-184. (Formerly Sec. 36-423). Acquisition of beneficial ownership of voting securities of banks and holding companies. Contents of acquisition statement. Registration statement. (a) As used in this section: (1) “Person” means any person who engages, or in any way particip…

Sec. 36a-185. (Formerly Sec. 36-425). Public hearing. Disapproval of plan. Adequacy of services, findings. (a) The offer, invitation, request, agreement or acquisition referred to in section 36a-184 may be made unless the commissioner disapproves it within sixty days after the ac…

Sec. 36a-186. (Formerly Sec. 36-426). Injunction against unlawful offer or acquisition. Seizure or sequestration of securities. The bank or holding company or the commissioner through the Attorney General may apply to the superior court for the judicial district of Hartford or to…

Sec. 36a-187. (Formerly Sec. 36-427). Administration and enforcement. (a) The commissioner has authority, in accordance with chapter 54, to adopt such regulations and issue such orders as may be necessary to properly administer sections 36a-180 to 36a-191, inclusive, including th…

Sec. 36a-188. (Formerly Sec. 36-427a). Registration with commissioner. Reports and examinations. Each holding company shall register with the commissioner within one hundred eighty days after becoming a holding company. The commissioner may require any holding company to furnish …

Sec. 36a-189. (Formerly Sec. 36-428). Appeal from commissioner. Any person aggrieved by any action of the commissioner under sections 36a-180 to 36a-191, inclusive, may appeal therefrom as provided in chapter 54. (1969, P.A. 598, S. 14; P.A. 77-603, S. 123, 125.) History: P.A. 77…

Sec. 36a-190. (Formerly Sec. 36-429). Excepted transactions. The provisions of sections 36a-183 to 36a-187, inclusive, shall not apply to: (1) A transaction subject to the provisions of section 36a-105 or 36a-106, section 36a-125 or 36a-181, or the provisions of the laws of the U…

Sec. 36a-191. (Formerly Sec. 36-430). Severability. If any provision or clause of sections 36a-180 to 36a-191, inclusive, or application thereof to any person or circumstance is held invalid, such invalidity shall not affect the remainder of said sections and the application of s…

Sec. 36a-192. (Formerly Sec. 36-142aa). Reorganization of mutual savings banks and mutual savings and loan associations into mutual holding companies. Plan of reorganization. (a) Notwithstanding any other provision of the general statutes, any mutual savings bank or mutual saving…

Sec. 36a-193. (Formerly Sec. 36-142bb). Reorganized savings institutions. Minimum equity capital requirement. Application. Certificate of authority. (a) Any reorganized savings institution, except a trust bank, shall commence business with a minimum equity capital of at least fiv…

Sec. 36a-194. (Formerly Sec. 36-142cc). Powers. (a) Upon the reorganization of a mutual savings bank or mutual savings and loan association pursuant to sections 36a-192 to 36a-199, inclusive, (1) the resulting mutual holding company shall possess and may exercise all the rights, …

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 s…

Sec. 36a-196. (Formerly Sec. 36-142ee). Issuance of common stock. (a) Following the reorganization of any mutual savings bank or mutual savings and loan association pursuant to sections 36a-192 to 36a-199, inclusive, the reorganized savings institution of such mutual holding comp…

Sec. 36a-197. (Formerly Sec. 36-142ff). Conversion into stock holding company. Any mutual holding company having its principal office in this state may convert into a capital stock holding company, upon the approval of the conversion by the commissioner, in accordance with the pr…

Sec. 36a-198. (Formerly Sec. 36-142gg). Mutual holding company subsidiary holding company. (a) A mutual holding company may establish a subsidiary holding company as a direct subsidiary to hold one hundred per cent of the stock of its reorganized savings institution subsidiary. T…

Sec. 36a-199. (Formerly Sec. 36-142hh). Exemption from real estate conveyance taxes. Any transfer of real estate in connection with the reorganization of a mutual savings bank or mutual savings and loan association pursuant to sections 36a-192 to 36a-198, inclusive, shall be exem…

Secs. 36a-200 to 36a-209. Reserved for future use. PART VII SALE OF ASSETS

Sec. 36a-210. (Formerly Sec. 36-30). Transfer of assets. (a)(1) With the approval of the commissioner, a Connecticut bank may transfer all or a significant part of its assets or business to a bank. The transferring bank shall have been in existence and continuously operating for …

Secs. 36a-211 to 36a-214. Reserved for future use. PART VIII FAILURES, RECEIVERSHIPS AND CONSERVATORSHIPSAND OTHER EMERGENCY ACTIONS

Sec. 36a-215. (Formerly Sec. 36-22b). Powers re troubled trust banks and innovation banks. If, in the opinion of the commissioner, a trust bank, or an innovation bank, in danger of becoming insolvent, is not likely to be able to meet the demands of its depositors, in the case of …

Sec. 36a-216. (Formerly Sec. 36-22). Powers in case of financial distress. (a) Whenever, in the opinion of the commissioner, general financial conditions are such that the public interest requires limitation on withdrawal of funds from Connecticut banks or Connecticut credit unio…

Sec. 36a-217. (Formerly Sec. 36-26). Establishment of maximum rate of dividends and interest. Regulations. Whenever conditions affecting the demand for and supply of money, the extension of credit or any other pertinent banking operations make such action necessary or desirable i…

Sec. 36a-218. (Formerly Sec. 36-31). Order to make good impairment of capital. Application for appointment of receiver. Whenever the commissioner has reason to believe that the capital of any capital stock Connecticut bank is impaired but the impairment is not sufficient to requi…