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

Sec. 36a-102. Identification of directors and officers. The commissioner, in the commissioner's discretion and in accordance with section 29-17a, may arrange for the fingerprinting or for conducting any other method of positive identification required by the State Police Bureau o…

Secs. 36a-103 and 36a-104. Reserved for future use. PART IV SHARES AND DIVIDENDS

Sec. 36a-105. (Formerly Sec. 36-88). Authorization and issuance of additional shares. (a) Chapter 601 shall govern the terms of issuance of shares of stock of a capital stock Connecticut bank newly organized under section 36a-70. Any share, when issued, shall be issued at not les…

Sec. 36a-106. (Formerly Sec. 36-89b). Preferred shares. Capital notes and debentures. (a) Subject to the approval of the commissioner, any capital stock Connecticut bank may increase its authorized capital stock and provide for the issuance of nonassessable preferred shares of on…

Sec. 36a-107. Reduction of capital stock and change in par value. Subject to the approval of the commissioner, any capital stock Connecticut bank may, by the affirmative vote of the holders of a majority of the shares, or of each class of shares, entitled to vote thereon at a mee…

Sec. 36a-108. (Formerly Sec. 36-89a). Preemptive rights of holders of capital stock. The preemptive rights of the holders of the capital stock of a capital stock Connecticut bank shall be determined in accordance with section 33-683. (1963, P.A. 74, S. 6; P.A. 85-188, S. 3; 85-37…

Sec. 36a-109. Rights or options to purchase shares. The rights of a capital stock Connecticut bank to issue or grant rights or options entitling the holders thereof to purchase authorized shares from such bank shall be determined in accordance with section 33-675, provided no suc…

Sec. 36a-11. (Formerly Sec. 36-10). Appointment and restrictions. (a) In accordance with the provisions of sections 4-5 to 4-8, inclusive, the Governor shall appoint the commissioner who shall hold office for four years from the first day of March in the year of the commissioner'…

Sec. 36a-110. Dividends. (a) Except for dividends payable in shares of its capital stock, no capital stock Connecticut bank shall declare a dividend on its capital stock except from its net profits, unless the bank has received the prior approval of the commissioner. As used in t…

Sec. 36a-111. Acquisition and disposal of own stock. Subject to the approval of the commissioner, a capital stock Connecticut bank may acquire and dispose of its own stock pursuant to section 33-684 provided no such acquisition shall reduce the bank's equity capital below the min…

Sec. 36a-112. (Formerly Sec. 36-91). Voting restrictions. (a) No person shall vote on stock at a meeting of the shareholders of any capital stock Connecticut bank if the stock has been transferred to such bank or to any person in trust for it, but such bank may vote thereon if it…

Secs. 36a-113 to 36a-119. Reserved for future use. PART V RESERVE REQUIREMENTS

Sec. 36a-12. (Formerly Sec. 36-11). Employees. Restrictions. The commissioner may appoint and define the duties and authority of such employees as may be necessary to perform properly the functions of the commissioner's office. The deputy commissioner and any other employee of th…

Sec. 36a-120. (Formerly Sec. 36-29g). Reserves for Connecticut banks and Connecticut credit unions. (a) The amount and form of reserve requirements for Connecticut banks and Connecticut credit unions shall be those provided in 12 USC Section 461 et seq., as from time to time amen…

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-13. (Formerly Sec. 36-12b). Commissioner to submit estimates of expenditures. The commissioner shall submit estimates of expenditure requirements in accordance with the provisions of section 4-77. (P.A. 76-231, S. 3, 6.) History: Sec. 36-12b transferred to Sec. 36a-13 in…

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 …

Sec. 36a-14. (Formerly Sec. 36-13). Reports to Governor and banks committee. (a) The commissioner shall annually report to the Governor: (1) The condition of all entities required to be periodically examined by the commissioner, with such comments and recommendations as the commi…

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-14a. Quarterly report of revenue collected by department. Not later than thirty days after the close of the first quarter of the fiscal year ending June 30, 2005, and not later than thirty days after the close of each quarter thereafter, the commissioner shall submit a r…

Sec. 36a-15. (Formerly Sec. 36-14). Report of violations of law. The commissioner shall report to the proper prosecuting official each violation of law for which the penalty may be confinement in a penal institution, knowledge of which violation was obtained by the commissioner i…

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…

Sec. 36a-16. (Formerly Sec. 36-63). Reports to commissioner; penalties. (a)(1) Each Connecticut bank shall file with the commissioner such reports of condition and income as are required to be filed with the appropriate federal banking agency on the dates that such reports are re…

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

Sec. 36a-17. Investigations and examinations. Electronic data processing servicers. Subpoenas. Powers of commissioner. Production of records. (a) The commissioner, in the commissioner's discretion and as often as the commissioner deems necessary to carry out the purposes of appli…

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-18. (Formerly Sec. 36-9f). Information re stock ownership or subscription. Each capital stock Connecticut bank shall provide the commissioner with such information as the commissioner may require regarding the ownership or owners of, or subscription for or subscribers of…

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…