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

Sec. 36a-353. (Formerly Sec. 36-9w). Investments in certain investment companies or investment trusts. In the absence of any express provisions to the contrary, whenever any general statute, special act, regulation, trust indenture, will or other instrument governing the investme…

Secs. 36a-354 to 36a-364. Reserved for future use. PART II COMMON TRUST FUNDS

Sec. 36a-365. (Formerly Sec. 36-83). Common trust funds: Definitions. As used in sections 36a-365 to 36a-372, inclusive, unless the context otherwise requires: (1) “Account” means the trust, estate or other fiduciary relationship which has been established with a fiduciary. (2) “…

Sec. 36a-366. Establishment by qualified fiduciary and investment of funds. (a) Any fiduciary qualified to act as such in this state may establish one or more common trust funds and may invest funds which it holds as fiduciary in those common trust funds, provided: (1) Such inves…

Sec. 36a-367. Management. The provisions of this section apply to the establishment and management of common trust funds other than collective managing agency accounts. (1) Any fiduciary maintaining one or more common trust funds shall have the executive management and control of…

Sec. 36a-368. Maintenance in accord with written plan. Regulations re establishment and maintenance of collective managing agency accounts. Each collective managing agency account to be maintained by a Connecticut bank shall be established and maintained in accordance with a writ…

Sec. 36a-369. Investment. (a) The funds and assets of a common trust fund may be invested and reinvested in those investments in which a fiduciary may invest funds or assets held in a fiduciary capacity under section 36a-350, provided, in determining whether the investment of fun…

Sec. 36a-370. Mortgages. If mortgages are held in a common trust fund, the fiduciary may, but is not required to, take any one or more of the following actions: (1) A fiduciary may transfer up to five per cent of the net income derived by a common trust fund from mortgages held b…

Sec. 36a-371. Taxation. No fiduciary, or the common trust funds held by it, shall be liable for any taxes imposed by this state or any of its subdivisions in connection with the ownership of personal property. No tax shall be assessed or levied upon any certificate or other evide…

Sec. 36a-372. Investment in common trust funds by national banking associations and foreign corporations acting as executor or testamentary trustee. Any national banking association or foreign corporation which has qualified and is acting as executor or testamentary trustee in th…

Secs. 36a-373 to 36a-379. Reserved for future use. PART III EXERCISE OF FIDUCIARY POWERS BY ENTITIESOTHER THAN BANKING INSTITUTIONS

Sec. 36a-380. (Formerly Sec. 36-314). License. (a) Except as provided in this section, no entity, other than a bank or out-of-state bank that maintains in this state a branch as defined in section 36a-410, shall have or exercise in this state the power to receive, by grant, assig…

Sec. 36a-381. (Formerly Sec. 36-315). Exemptions. The provisions of sections 36a-380 to 36a-386, inclusive, shall not apply to the administration of: (1) Any trust for cemetery purposes by an incorporated cemetery association; (2) any charitable, religious or educational trust by…

Sec. 36a-382. (Formerly Sec. 36-316). Examination; cost and fee. The commissioner shall annually or more often examine each entity licensed under sections 36a-380 to 36a-386, inclusive, and special acts 93-12, 93-19 and 93-20, any provision in the charter, certificate of incorpor…

Sec. 36a-383. (Formerly Sec. 36-317). Procedure in case of failure to comply with cease and desist order or insolvency. If it at any time appears to the commissioner that any entity so licensed has failed to comply with a cease and desist order issued by the commissioner or is in…

Sec. 36a-384. (Formerly Sec. 36-318). Segregation of securities. Deposits. The securities and investments of each trust committed to any such entity so licensed shall be set apart and segregated and shall not be mingled with the securities and investments of any other trust or of…

Sec. 36a-385. (Formerly Sec. 36-319). Name. No such entity so licensed shall use, either as a part of its name, or as a prefix or suffix thereto, or as a designation of the business carried on by it, the word “bank”, “banking”, “banker”, “bankers”, “trust” or “savings”, notwithst…

Sec. 36a-386. (Formerly Sec. 36-319a). Planned Lifetime Assistance Network of Connecticut, Inc. Self-sufficiency trusts. (a) Planned Lifetime Assistance Network of Connecticut, Inc. shall have the power to receive, by grant, assignment, transfer, devise, bequest or otherwise, any…

Secs. 36a-387 to 36a-394. Reserved for future use. PART IV TRUSTEES UNDER MORTGAGE

Sec. 36a-395. (Formerly Sec. 36-249). Application of provisions. The provisions of this section and sections 36a-396 to 36a-399, inclusive, shall apply to each person, firm or corporation, hereinafter referred to as “trustee”, acting or proposing to act as trustee under a mortgag…

Sec. 36a-396. (Formerly Sec. 36-250). Notice to commissioner. Examination. Fee. (a) Each such trustee, before acting as such trustee, shall notify the commissioner in writing that such trustee proposes to so act and shall be under the supervision of the commissioner to the extent…

Sec. 36a-397. (Formerly Sec. 36-251). Records. Deposit of funds. All moneys, funds or other assets held in trust by such trustees shall, at all times, be so held as to disclose that they are held in trust, and all books and records pertaining thereto shall contain sufficient info…

Sec. 36a-398. (Formerly Sec. 36-252). Powers. Each trustee shall have the following powers, whether expressly contained in the terms of the trust or not, unless expressly forbidden: (1) Such trustee may accept conveyance of the mortgaged property when it deems it advisable, inste…

Sec. 36a-399. (Formerly Sec. 36-253). Orders and injunctions. Death of trustee. (a) If the trustee does not comply with any such cease and desist order issued by the commissioner or if it appears to the commissioner that any such trustee is insolvent or likely to become insolvent…

Secs. 36a-400 to 36a-409. Reserved for future use.

Sec. 36a-410. (Formerly Sec. 36-552). Definitions. As used in sections 36a-410 to 36a-413, inclusive, unless the context otherwise requires: (1) “Branch” means a domestic branch as defined in 12 USC Section 1813, as from time to time amended, except that “branch” includes any bra…

Sec. 36a-410a. Mergers between Connecticut and out-of-state banks authorized. Interstate branching. It is the purpose of public act 95-155* to permit interstate merger transactions between banks in Connecticut and out-of-state banks prior to June 1, 1997, and to permit de novo in…

Sec. 36a-411. (Formerly Sec. 36-553). Out-of-state holding companies: Powers re interstate acquisitions and establishment of banks and Connecticut holding companies. Any out-of-state holding company may, with the approval of the commissioner, acquire and retain direct or indirect…

Sec. 36a-412. (Formerly Sec. 36-555). Out-of-state banks: Merger, consolidation and acquisition. De novo branches. Powers of branches. Loan production offices. Applicability of Connecticut law. Commissioner approval. (a)(1) Any out-of-state bank, whether or not owned or controlle…

Sec. 36a-413. (Formerly Sec. 36-558). Severability. If any section contained in sections 36a-410 to 36a-412, inclusive, or any part thereof, is declared to be invalid or unenforceable by any court of competent jurisdiction, such judgment shall affect only that section or part the…

Secs. 36a-414 to 36a-424. Reserved for future use. PART II FOREIGN BANKS (A) LIMITATIONS ON FOREIGN BANKING CORPORATIONS

Sec. 36a-425. (Formerly Sec. 36-5a). Foreign banking corporations not to do business in this state. Excepted activities. (a) Except as otherwise provided in this title, no foreign banking corporation shall transact in this state the business authorized by its certificate of incor…

Sec. 36a-426. (Formerly Sec. 36-5g). Foreign banking corporations authorized to bring certain actions in the courts of this state. A foreign banking corporation, as defined in subsection (a) of section 36a-425, which has made or makes any loan or has granted or grants an extensio…

Sec. 36a-427. Reserved for future use. (B)* STATE BRANCHES, STATE AGENCIES ANDREPRESENTATIVE OFFICES OF FOREIGN BANKS *See Sec. 12-217u re tax credit for financial institutions constructing new facilities and creating new jobs. See Sec. 32-462 re limitation on the amount of finan…

Sec. 36a-428. Foreign banks authorized to establish and maintain state branches and state agencies, subject to the regulations and orders of the commissioner. License requirements. A foreign bank may establish and maintain in this state one or more state branches upon receipt of …

Sec. 36a-428a. Application for license to establish and maintain state branch or state agency. Application form, supporting documents, fee. Investigation by commissioner and issuance of license. Display of license. License may not be transferred or assigned. (a) Application for a…

Sec. 36a-428b. Operation of foreign bank at state branch or state agency, rights, privileges, duties, restrictions, etc., exceptions. Deposit insurance from FDIC not required. Not subject to certain statutory provisions, when. Assessment for expenses of commissioner's office. (a)…

Sec. 36a-428c. Deposit of assets by foreign bank. Holding of currency or other assets in relation to liabilities. Unusual and extraordinary circumstances; deposit of assets with banks designated by commissioner. (a) Upon and after establishing a state branch or state agency in th…

Sec. 36a-428d. Certification of paid-in capital stock, surplus fund and undivided profits; limitation or restriction. (a) Before establishing a state branch or state agency in this state, and annually thereafter, a foreign bank licensed under section 36a-428a shall certify to the…

Sec. 36a-428e. Conversion of state agency to state branch, state branch to state agency, and federal branch or federal agency to state branch or state agency. The commissioner may, subject to such regulations as the commissioner may adopt, authorize (1) the conversion of a state …

Sec. 36a-428f. Prior notice by foreign bank of change in its place of business, its corporate name and the business it proposes to do in this state. Any foreign bank licensed to establish and maintain a state branch or state agency in this state shall file prior notice with the c…

Sec. 36a-428g. Representative office; licensing requirements; application; fee; renewal; content of license; investigation of facts by commissioner. Foreign bank subject to regulations and orders of commissioner. (a) No person shall establish or maintain a representative office i…

Sec. 36a-428h. Books, accounts and records to be maintained and available at state branch, state agency or representative office. Reports to commissioner. (a) Each foreign bank licensed to maintain a state branch, state agency or representative office in this state shall maintain…

Sec. 36a-428i. Notice of acquisition of control or merger of foreign bank. (a) A foreign bank licensed to maintain a state branch, state agency or representative office in this state shall file with the commissioner a notice, in such form and containing such information as the co…

Sec. 36a-428j. Revocation, suspension or refusal to renew license to maintain state branch, state agency or representative office. A license issued to a foreign bank to maintain a state branch, state agency or representative office in this state shall be revoked when voluntarily …

Sec. 36a-428k. Voluntary liquidation of business and property of state branches and state agencies. (a) Any foreign bank which (1) has been licensed to establish and maintain a state branch or state agency in this state the assets of which in this state exceed the liabilities of …

Sec. 36a-428l. Investigation and examination concerning foreign bank licensed to maintain state branch, state agency or representative office. Commissioner's powers; duties of foreign bank; cost of examination; penalties. (a) The commissioner may make such public or private inves…

Sec. 36a-428m. Certain public officials and state employees barred from employment with Swiss Bank prior to January 1, 1996. Section 36a-428m is repealed, effective October 1, 2002. (Oct. Sp. Sess. P.A. 94-1, S. 20, 21; S.A. 02-12, S. 1.)

Sec. 36a-428n. Involuntary liquidation of business and property of foreign banks having a state branch or state agency. (a) As used in this section: (1) “Branch or agency net payment entitlement” means, with respect to a qualified financial contract, the amount, if any, that woul…

Secs. 36a-429 to 36a-434. Reserved for future use.