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

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-19. (Formerly Sec. 36-17). Accounting forms. The commissioner may prescribe such reasonable forms of accounting as will clearly and accurately show the assets, liabilities and earnings of any person required to be periodically examined by the commissioner. (1949 Rev., S.…

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…

Sec. 36a-2. (Formerly Sec. 36-2). Definitions. As used in this title, unless the context otherwise requires: (1) “Affiliate” of a person means any person controlling, controlled by, or under common control with, that person; (2) “Applicant” with respect to any license or approval…

Sec. 36a-20. (Formerly Sec. 36-19). Appraisal of real estate. If any person subject to the general supervision of the commissioner owns real property, or if real property taxes on any property mortgaged to secure a loan with any such person are more than one year in arrears, or i…

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

Sec. 36a-21. (Formerly Sec. 36-16). Information to be confidential. Disclosure. Examination reports. Exemption. (a) Notwithstanding any provision of state law and except as provided in subsections (b) and (d) of this section and subdivision (2) of subsection (a) of section 36a-53…

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…

Sec. 36a-219. (Formerly Sec. 36-32). Restraining order. Appointment of conservator. (a) Whenever, in the opinion of the commissioner or the governing board, or in the case of a Connecticut credit union service organization the commissioner or the governing board, managers or gene…

Sec. 36a-22. (Formerly Sec. 36-21a). Declaratory rulings. (a) No person shall be liable in any civil action for any act done or omitted in good faith in reliance on any declaratory ruling issued by the Department of Banking in accordance with section 4-176, notwithstanding after …

Sec. 36a-220. (Formerly Sec. 36-34). Application for injunction, receiver or conservator in case of forfeited charter or certificate of authority, fraud, unsafe business practices, dissipation of assets, insolvency or termination of insurance of insurable accounts or deposits. (a…

Sec. 36a-221. (Formerly Sec. 36-35). Appointment of receiver or conservator on petition of shareholders. A receiver or conservator for any capital stock Connecticut bank whose capital is impaired may be appointed by the superior court for the judicial district of Hartford or the …

Sec. 36a-221a. Duties of receivers of trust banks and innovation banks. (a)(1) The receiver of a trust bank or innovation bank shall, as soon after the receiver's appointment as is practicable, terminate all fiduciary positions the bank holds, surrender all property held by the b…

Sec. 36a-222. Appointment of receiver or conservator for Connecticut banks and credit unions. Requirements. Division within department for liquidating or administering banks or credit unions. Appointment of agent. Reports. Salaries, costs and expenses. Exclusive jurisdiction of S…

Sec. 36a-223. (Formerly Sec. 36-36). Duties of conservators and receivers for Connecticut banks and credit unions. Powers. (a) The duty of the conservator shall be to carry on the business of the Connecticut bank or Connecticut credit union, to preserve and conserve the assets an…

Sec. 36a-224. (Formerly Sec. 36-37). Refinancing or reorganization of Connecticut banks and credit unions in receivership. Upon recommendation of the receiver and with the approval of the court having jurisdiction, any Connecticut bank or Connecticut credit union placed in receiv…

Sec. 36a-225. (Formerly Sec. 36-38). Limitation of time for presenting claims to receiver. Receiver to publish notice in newspaper and mail individual notice to depositors, clients, creditors and safe deposit box holders. (a) The Superior Court, upon appointing a receiver of any …

Sec. 36a-226. (Formerly Sec. 36-39). Duties of receiver re inventory and appraisal of assets of Connecticut banks and credit unions in receivership. Conversion of assets. Deposit of money. The receiver shall, as soon after the receiver's appointment as is practicable, make and re…

Sec. 36a-226a. Termination of contracts for bailment, deposit for hire or lease of safes, vaults or safe deposit boxes. Duties of receiver when property not removed. (a) A contract between a trust bank or innovation bank in receivership and another person for bailment, of deposit…

Sec. 36a-227. (Formerly Sec. 36-40). Dissolution of attachments and levies. Posting of notice of injunction or appointment of receiver. (a) All attachments of, or against, the estate of any Connecticut bank or Connecticut credit union, made within sixty days of the date of filing…

Sec. 36a-228. (Formerly Sec. 36-40a). Termination of executory contracts for services or advertising to which Connecticut banks and credit unions are a party. Validity of agreements that diminish interest of the estate in banks' and credit unions' assets. (a) Within six months af…

Sec. 36a-229. (Formerly Sec. 36-41). Immediate delivery of records and other property to receivers and conservators of Connecticut banks and credit unions. Copies. Penalty for neglect or refusal to deliver records and other property. (a) Each affiliate, officer, director, employe…

Sec. 36a-23. (Formerly Sec. 36-28a). Bank and credit union holidays. Closing of office in educational institution when not in session. Emergency closings. Opening of temporary offices or other facilities pursuant to an emergency or recovery operations. Temporary waiver of statuto…

Sec. 36a-230. (Formerly Sec. 36-43). Claims not barred by statute of limitations against receiver. No claim in favor of a Connecticut bank or Connecticut credit union in receivership, not barred by the statute of limitations at the time of serving the application on the bank or c…

Sec. 36a-231. (Formerly Sec. 36-44). Reports to be filed with Superior Court and commissioner. Payment of administrative expenses. Quarterly report. Objections. Audit of books and records of receivers of Connecticut banks and credit unions. Duties of receiver re audit. (a)(1) The…

Sec. 36a-232. (Formerly Sec. 36-46). Creditor's application for order to receiver. Any creditor of the receivership may apply in writing to the superior court having jurisdiction, for any order to the receiver concerning the receivership, upon giving notice, by service of a copy …

Sec. 36a-233. (Formerly Sec. 36-47). Funds and property not subject to foreign attachment. No part of the funds or property in the possession of a receiver of any Connecticut bank or Connecticut credit union is subject to process of foreign attachment. (1949 Rev., S. 5772; P.A. 7…

Sec. 36a-234. (Formerly Sec. 36-48). Dissolution of injunction against receiver. In any action against the receiver of any Connecticut bank or Connecticut credit union in which an injunction is granted restraining the receiver from disposing of any of the estate, the receiver sha…