reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 665b - Fiduciary Powers › Section 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, the commissioner may apply to the superior court for the judicial district of Hartford or the judicial district in which such trustee resides or conducts such business for an injunction restraining such trustee from continuing to receive property under mortgages or deeds of trust and restraining the trustee from administering any and all trusts then in force and effect, and for an order appointing some suitable person to succeed such person, firm or corporation as trustee of any trust property then in the trustee's possession or in or to which the trustee has any right, title, interest or claim, and for such other or further order as appears to the court necessary or desirable to protect and secure the interests of the beneficiaries of any such trust property. The court may issue such injunction or other order after reasonable notice to such trustee, provided, if such mortgage or deed of trust provides for a certain successor trustee and if such successor trustee is a suitable person to act in such capacity, the court may appoint such successor trustee to be the acting trustee.
(b) In the event of the death of any such trustee, if no successor trustee is provided for in any such mortgage or deed of trust, the commissioner may apply to the superior court for the judicial district of Hartford for an order appointing some suitable person to succeed such trustee.
(1949 Rev., S. 5962; P.A. 78-280, S. 2, 127; P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 91-357, S. 54, 78; P.A. 92-12, S. 73; P.A. 93-142, S. 4, 7, 8; P.A. 94-122, S. 184, 340; P.A. 95-220, S. 4
–
6.)
History: P.A. 78-280 replaced reference to counties with reference to judicial districts; P.A. 91-357 deleted obsolete language re judge of the superior court and made technical changes; P.A. 92-12 redesignated Subsecs. and made technical changes; P.A. 94-122 deleted the cease and desist provisions moved to Sec. 36a-52, authorized the commissioner to apply for enforcement orders to the Hartford-New Britain superior court and made technical changes, effective January 1, 1995 (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A. 93-142 authorized substitution of “judicial district of Hartford” for “judicial district of Hartford-New Britain” in public and special acts of the 1994 regular and special sessions, effective September 1, 1996); Sec. 36-253 transferred to Sec. 36a-399 in 1995; P.A. 95-220 changed the effective date of P.A. 88-230 from September 1, 1996, to September 1, 1998, effective July 1, 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 interstate branching, in response to the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, P.L. No. 103-328, 108 Stat. 2338.
(P.A. 95-155, S. 1, 29.)
*Note: Public act 95-155 is entitled “An Act Concerning Interstate Banking and Branching”. (See Reference Table captioned “Public Acts of 1995” in Volume 16 which lists the sections amended, created or repealed by the act.)
History: P.A. 95-155 effective June 27, 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 thereof and shall not impair the validity, application or enforcement of the remaining part of the section and the other sections.
(P.A. 90-2, S. 18, 20.)
History: Sec. 36-558 transferred to Sec. 36a-413 in 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 a license for each such branch from the commissioner at the location specified in such license. A foreign bank may establish and maintain in this state one or more state agencies upon receipt of a license for each such agency from the commissioner at the location specified in such license. Such licensed foreign bank shall be deemed to transact business or conduct affairs in this state for the purposes of section 33-920 or subsection (a) of section 33-1210 and shall comply with the requirements of said sections. In establishing and maintaining a state branch or state agency, a foreign bank shall be subject to such regulations and orders as the commissioner considers appropriate to carry out the purposes of sections 36a-428 to 36a-428l, inclusive.
(Oct. Sp. Sess. P.A. 94-1, S. 1, 21; P.A. 96-109, S. 5; 96-256, S. 198, 209; 96-271, S. 208, 254; P.A. 97-160, S. 5, 7.)
History: Oct. Sp. Sess. P.A. 94-1, S. 1, effective January 1, 1995; P.A. 96-109 deleted reference to Secs. 36a-2, 36a-145 and 36a-425; P.A. 96-256 replaced reference to Sec. 33-505 with 33-1210(a), effective January 1, 1997; P.A. 96-271 replaced reference to Sec. 33-396 with Sec. 33-920, effective January 1, 1997; P.A. 97-160 deleted requirement for home state election under the International Banking Act of 1978, effective June 24, 1997.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 license to establish and maintain a state branch or state agency in this state shall be made on forms prescribed by the commissioner and shall be duly executed in duplicate by the foreign bank by one or more of its principal officers. Such application shall state the value of the assets of such bank as of the end of its most recent fiscal quarter, which shall be at least one million dollars in excess of its liabilities. Such application shall be accompanied by a copy of the charter or articles of incorporation of the foreign bank, and the bylaws, or their equivalents, and all amendments thereto, duly authenticated by the proper officer of such foreign bank. Each applicant for a license to establish and maintain a state branch or state agency in this state shall pay to the commissioner, at the time of application, a nonrefundable license fee of two thousand dollars.
(b) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license after the commissioner considers the effects of the proposed state branch or state agency on competition, the financial and managerial resources and future prospects of the applicant foreign bank and the proposed state branch or state agency, the public convenience and advantage that will be promoted, and the net new benefits to this state. As used in this subsection, “net new benefits” means (1) initial capital investments, including any new construction, (2) job creation plans, including, but not limited to, the number of jobs to be created and the average wage rates for each category of such jobs, (3) the potential for increasing state and municipal tax revenues from increased economic activity and increased employment, (4) consumer and business services and other benefits to the state, local community and citizens, and (5) such other matters as the commissioner may deem necessary or advisable.
(c) Any license issued pursuant to this section shall be conspicuously displayed in the place of business specified therein. Such license shall not be transferable or assignable.
(Oct. Sp. Sess. P.A. 94-1, S. 2, 21; P.A. 99-33, S. 2, 3.)
History: Oct. Sp. Sess. P.A. 94-1, S. 2, effective January 1, 1995; P.A. 99-33 redefined “net new benefits”, effective May 27, 1999.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 commissioner the amount of its paid-in capital stock, its surplus fund and its undivided profits, each expressed in the currency of the country of its incorporation. The dollar equivalent of such amount, as determined by the commissioner, shall be deemed to be the amount of its capital stock, surplus fund and undivided profits.
(b) Any limitation or restriction based on the capital stock or surplus of a Connecticut bank shall be deemed to refer, as applied to a state branch or state agency in this state, to the dollar equivalent of the capital stock and surplus of the foreign bank, and if the foreign bank has more than one such branch or agency, the business transacted by all such branches and agencies shall be aggregated in determining compliance with the limitation or restriction.
(Oct. Sp. Sess. P.A. 94-1, S. 5, 21.)
History: Oct. Sp. Sess. P.A. 94-1, S. 5, effective January 1, 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 agency in this state to a state branch in this state or the conversion of a state branch in this state to a state agency in this state, and (2) the conversion of a federal branch or a federal agency in this state to a state branch or state agency in this state.
(Oct. Sp. Sess. P.A. 94-1, S. 6, 21.)
History: Oct. Sp. Sess. P.A. 94-1, S. 6, effective January 1, 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 commissioner of any change to (1) its place of business from the place designated in its license to another place in this state; (2) its corporate name if such change has been effected under the laws of the jurisdiction of its incorporation; and (3) the business which it proposes to do in this state.
(Oct. Sp. Sess. P.A. 94-1, S. 7, 21; P.A. 05-39, S. 9.)
History: Oct. Sp. Sess. P.A. 94-1, S. 7, effective January 1, 1995; P.A. 05-39 substituted requirement that foreign banks file prior notice with the commissioner of any change to its place of business, its corporate name and the business it proposes to do in this state, in lieu of applying to commissioner for approval for any such change, eliminated $400 investigation fee and made technical changes, effective May 17, 2005.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 in this state on behalf of one or more foreign banks unless the foreign bank to be represented has first obtained a license from the commissioner. The application for such license shall be in writing under oath and shall contain the information required by and be in the form prescribed by the commissioner. Each applicant for a license shall pay to the commissioner at the time of application a nonrefundable fee of four hundred dollars. Each license issued pursuant to this section shall expire at the close of business on June thirtieth of each year, unless such license is renewed. Each licensee shall, on or before June twentieth of each year, pay to the commissioner a license fee of four hundred dollars for the succeeding year, commencing July first. No abatement of the license fee shall be made if the license is surrendered, cancelled, revoked or suspended prior to the expiration of the period for which it was issued. The license shall not be transferable or assignable. Each license issued under this section shall state the address or addresses at which a representative office is to be located and shall state fully the name of the licensee. In the event the location of the representative office is changed, the licensee shall immediately notify the commissioner who shall thereupon without charge attach to the license an amendment certificate setting forth such changed location.
(b) Upon the filing of the required application and license fee, the commissioner shall investigate the facts and may issue a license if the commissioner finds (1) the foreign bank is of good character and sound financial standing; (2) the management of the foreign bank and the proposed management of the representative office are adequate; and (3) the convenience and needs of persons to be served by the proposed representative office will be promoted.
(c) In establishing and maintaining a representative office, a foreign bank shall be subject to such regulations and orders as the commissioner considers appropriate to carry out the purposes of sections 36a-428 to 36a-428
l
, inclusive. Such foreign bank shall be deemed to transact business or conduct affairs in this state for the purposes of section 33-920 or subsection (a) of section 33-1210 and shall comply with the requirements of said sections.
(Oct. Sp. Sess. P.A. 94-1, S. 8, 21; P.A. 96-109, S. 7; 96-256, S. 199, 209; 96-271, S. 209, 254.)
History: Oct. Sp. Sess. P.A. 94-1, S. 8, effective January 1, 1995; P.A. 96-109 deleted reference to Secs. 36a-2, 36a-145 and 36a-425 in Subsec. (c); P.A. 96-256 amended Subsec. (c) to replace reference to Sec. 33-505 with Sec. 33-1210(a), effective January 1, 1997; P.A. 96-271 amended Subsec. (c) to replace reference to Sec. 33-396 with Sec. 33-920, effective January 1, 1997.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 or make available at such branch, agency or representative office appropriate books, accounts and records (1) reflecting all transactions effected by or on behalf of the branch, agency or representative office, (2) reflecting all actions taken in this state by employees of the foreign bank located in this state to effect transactions on behalf of any office of such foreign bank located outside this state and (3) relating to any other matters concerning the branch, agency or representative office that the commissioner may require.
(b) The commissioner may require such regular or special reports as the commissioner deems necessary for the proper supervision of licensees. Such additional reports shall be in the form prescribed by the commissioner and shall be subscribed and affirmed as true under the penalties of perjury.
(Oct. Sp. Sess. P.A. 94-1, S. 9, 21.)
History: Oct. Sp. Sess. P.A. 94-1, S. 9, effective January 1, 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 commissioner may prescribe, no later than fourteen calendar days after such foreign bank becomes aware of any acquisition of control of such bank or merges with another foreign bank.
(b) For purposes of this section, “control” means that any person or entity, or group of persons or entities acting in concert, directly or indirectly, owns, controls or holds with power to vote, twenty-five per cent or more of any class of voting stock of such foreign bank, or has the ability in any manner to elect a majority of the directors of such foreign bank, or otherwise exercises a controlling influence, as determined by the commissioner, over the management and policies of such foreign bank.
(Oct. Sp. Sess. P.A. 94-1, S. 10, 21.)
History: Oct. Sp. Sess. P.A. 94-1, S. 10, effective January 1, 1995.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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 surrendered by such licensee or when such foreign bank is dissolved or its authority or existence is otherwise terminated or cancelled in the country of its organization. The commissioner may suspend, revoke or refuse to renew any license issued to a foreign bank in accordance with the provisions of section 36a-51 for any reason which would be sufficient grounds for the commissioner to deny an application for such license under sections 36a-428 to 36a-428l, inclusive, or if the commissioner finds that the licensee or any director, officer, partner, controlling shareholder, trustee, employee, agent or representative of such foreign bank has: (1) Made any material misstatement in the application or (2) violated or failed to comply with any of the provisions of this title applicable to such licensee or any of the regulations or orders of the commissioner made pursuant to said sections.
(Oct. Sp. Sess. P.A. 94-1, S. 11, 21; P.A. 96-109, S. 8.)
History: Oct. Sp. Sess. P.A. 94-1, S. 11, effective January 1, 1995; P.A. 96-109 deleted reference to Secs. 36a-2, 36a-145 and 36a-425.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666 - Out-of-State Banks › Section 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.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666a - Out-of-State Trust Companies › Section 36a-434a. - Establishment of offices by out-of-state trust companies.

(a) Any out-of-state trust company, whether or not owned or controlled by an out-of-state holding company or a foreign banking corporation, as defined in subsection (a) of section 36a-425, may, with the approval of the commissioner, establish and maintain an office in this state to act as a fiduciary or engage in a trust business in this state, provided the laws of the state in which such trust company is chartered authorize (1) similar companies chartered in this state to act as a fiduciary, and (2) trust banks to establish and maintain such office in such state. Such approved out-of-state trust company shall be deemed to transact business in this state for the purposes of section 33-920, subsection (a) of section 33-1210, sections 34-275 and 34-275a or section 34-429 and shall comply with the applicable requirements of said sections. Application for approval to establish and maintain an office pursuant to this section shall be made on forms prescribed by the commissioner. Such application shall state the minimum equity capital of the out-of-state trust company which shall be at least two million dollars. Such application shall be accompanied by evidence of compliance with the applicable requirements of the regulator in the state in which the out-of-state trust company is chartered for the establishment and maintenance of such office and the bond required under section 36a-434b. The out-of-state trust company shall pay to the commissioner, at the time of making such application, a nonrefundable fee of one thousand five hundred dollars. The commissioner shall approve or disapprove the application within thirty days after the application has been filed with the commissioner. The thirty-day period of review may be extended by the commissioner, in writing, on a determination that the application raises issues that require additional information or additional time for analysis.
(b) The commissioner may approve the application if the commissioner finds that: (1) The proposed managers of the office have the capacity and fitness for the duties and responsibilities with which they will be charged; (2) the out-of-state trust company has sufficient financial resources to undertake its proposed activities; and (3) the establishment of the office is in the public interest.
(P.A. 98-258, S. 5; P.A. 02-47, S. 18; P.A. 04-136, S. 35; P.A. 16-97, S. 108.)
History: P.A. 02-47 amended Subsec. (a) by deleting provision re application deemed approved unless commissioner disapproves, adding provision re commissioner shall approve or disapprove application and making a technical change; P.A. 04-136 amended Subsec. (a)(2) to substitute “trust” banks for banks “organized to function solely in a fiduciary capacity”, effective May 12, 2004; P.A. 16-97 amended Subsec. (a) by substituting references to Secs. 34-275 and 34-275a for reference to Sec. 34-223, effective July 1, 2017.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666a - Out-of-State Trust Companies › Section 36a-434b. - Bond requirement.

The governing board of an out-of-state trust company that maintains an office in this state shall require that each of its officers and employees at such office be bonded in favor of the out-of-state trust company by a surety company authorized to do business in this state in such amounts as are approved by the governing board and are acceptable to the commissioner.
(P.A. 98-258, S. 6.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666a - Out-of-State Trust Companies › Section 36a-434c. - Powers of commissioner re offices of out-of-state trust companies.

(a) The commissioner may make such examination or investigation of any office established and maintained in this state by an out-of-state trust company as the commissioner may deem necessary to determine whether the office is being operated in compliance with the laws of this state and in accordance with safe and sound practices. The out-of-state trust company shall pay the expenses of examination or investigation made under this section.
(b) The commissioner may require periodic reports regarding any out-of-state trust company that has established and maintains an office in this state.
(c) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other state or federal supervisory agencies or any organization affiliated with or representing such supervisory agencies with respect to the periodic examination or other supervision of any office in this state of an out-of-state trust company, and the commissioner, in lieu of conducting an examination or investigation, may accept the report of examination and report of investigation of such agency or organization.
(d) The commissioner may enter into joint examinations or joint enforcement actions with other state or federal supervisory agencies having concurrent jurisdiction over any office established and maintained in this state by an out-of-state trust company, provided the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate.
(P.A. 98-258, S. 7.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 666a - Out-of-State Trust Companies › Section 36a-434d. - Notice to commissioner.

Each out-of-state trust company that maintains an office in this state pursuant to sections 36a-434a to 36a-434d, inclusive, shall give at least thirty days' prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the commissioner of (1) any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust company, (2) any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust company to another person, or (3) the closing or disposition of any such office in this state.
(P.A. 98-258, S. 8.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-435. (Formerly Sec. 36-194). - Definitions.

Section 36a-435 is repealed, effective October 1, 2002.
(1949 Rev., S. 5908; P.A. 75-518, S. 1, 13; P.A. 79-112; P.A. 84-125, S. 1; P.A. 85-210, S. 1; 85-415, S. 1; P.A. 87-9, S. 2, 3; 87-23, S. 1; P.A. 92-12, S. 60; P.A. 94-122, S. 190, 340; P.A. 99-22, S. 2, 8; 99-36, S. 5; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-436. (Formerly Sec. 36-195). - License required.

Section 36a-436 is repealed, effective October 1, 2002.
(1949 Rev., S. 5909; 1959, P.A. 376, S. 1; 1967, P.A. 591, S. 4; P.A. 75-518, S. 2, 13; P.A. 85-94, S. 3, 6; 85-415, S. 3; P.A. 94-122, S. 191, 340; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-436a. - Franchise and filing fee payable to the Secretary of the State.

(a) The franchise and filing fee payable to the Secretary of the State shall be thirteen dollars for the filing of a certificate of incorporation upon the incorporation of a Connecticut credit union under the laws of this state.
(b) The filing and certification fee payable to the Secretary of the State shall be thirteen dollars for the filing and certification of (1) a certificate of amendment to the certificate of incorporation of a Connecticut credit union, (2) a merger agreement, plan of merger, certificate of amendment to certificate of incorporation and the commissioner's approval pursuant to subdivision (3) of subsection (b) of section 36a-468a, (3) an officer's certificate of conversion and the commissioner's approval pursuant to subsection (g) of section 36a-468b, or (4) a certificate of incorporation, certificate of authority and the commissioner's approval pursuant to subsection (c) of section 36a-469b.
(c) The filing fee payable to the Secretary of the State shall be thirteen dollars for the filing of a certificate of authority and certificate of incorporation pursuant to subsection (f) of section 36a-469c.
(d) The fee payable to the Secretary of the State for preparing and furnishing a copy of any document, instrument or paper filed or recorded relating to a credit union shall be: (1) For each copy of each document thereof regardless of the number of pages, twenty dollars; and (2) for affixing the official seal thereto, five dollars.
(P.A. 02-73, S. 36; P.A. 03-19, S. 83; 03-84, S. 45.)
History: P.A. 03-19 made technical changes in Subsec. (d), effective May 12, 2003; P.A. 03-84 changed “Commissioner of Banking's” to “commissioner's” in Subsec. (b), effective June 3, 2003.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-436b. - Issuance of certificate of authority to engage in business of Connecticut credit union.

(a) No person shall, or have the power to, engage in the business of a Connecticut credit union in this state until such person has obtained a certificate of authority to engage in the business of a Connecticut credit union from the commissioner.
(b) No person 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 phrase “credit union” or “mutual benefit association”, except a Connecticut credit union, a federal credit union or a credit union otherwise authorized to engage in business in this state under this title. The provisions of this subsection shall not apply to an association of credit unions or a credit union service organization located in this state.
(c) A certificate of authority shall be issued by the commissioner to an applicant meeting the requirements of section 36a-437a.
(d) A certificate of authority issued under this section may be revoked by the commissioner for cause in accordance with section 36a-51.
(P.A. 02-73, S. 37; P.A. 03-84, S. 46.)
History: P.A. 03-84 changed “Commissioner of Banking” to “commissioner” in Subsecs. (a), (c) and (d), effective June 3, 2003.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-437. (Formerly Sec. 36-196). - Organization.

Section 36a-437 is repealed, effective October 1, 2002.
(1949 Rev., S. 5910; 1961, P.A. 51; 1963, P.A. 419; 1969, P.A. 184, S. 1; 246, S. 1, 3; 267, S. 1; 268, S. 4; P.A. 73-330, S. 1, 2; P.A. 75-69, S. 1, 3; 75-518, S. 3
–
7, 13; P.A. 80-68; P.A. 81-123, S. 1, 4; P.A. 83-306, S. 1, 2; P.A. 84-58, S. 1, 2; 84-65, S. 1, 2; P.A. 85-415, S. 4; P.A. 94-122, S. 192, 340; P.A. 99-36, S. 6; P.A. 01-9, S. 8, 11; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-438. (Formerly Sec. 36-196a). - Field of membership. Expansion. Membership applications. Continuation of membership. Expulsion or withdrawal of member.

Section 36a-438 is repealed, effective October 1, 2002.
(1969, P.A. 432, S. 1, 2; P.A. 75-518, S. 8, 13; P.A. 85-210, S. 2; 85-415, S. 5; P.A. 87-23, S. 2; P.A. 90-26, S. 1; P.A. 94-122, S. 193, 340; P.A. 99-22, S. 3, 8; 99-36, S. 7; P.A. 01-9, S. 9, 11; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-439. (Formerly Sec. 36-196c). - Change in the field of membership.

Section 36a-439 is repealed, effective October 1, 2002.
(P.A. 85-210, S. 3; P.A. 94-122, S. 194, 340; P.A. 99-22, S. 4, 8; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-439a. - Membership applications. Expulsion of member.

(a) All applications for membership shall be submitted to the Connecticut credit union. The governing board at a regular meeting shall consider and act upon the membership applications received by the Connecticut credit union subsequent to the previous regular meeting or such applications may be considered and acted upon by the membership officer, if one is appointed by the governing board.
(b) The governing board may expel any member who has not carried out such member's obligations to the Connecticut credit union or who has failed to comply with such credit union's bylaws. No member may be expelled by the governing board until such member has been informed in writing of the charges against such member and has had a reasonable opportunity to be heard thereon.
(c) A Connecticut credit union may cancel the shares of any member who is expelled, applying the value thereof to such member's indebtedness to the Connecticut credit union. A member of a Connecticut credit union who has been expelled shall not be relieved of any liability to the Connecticut credit union. The Connecticut credit union shall repay the amounts paid in on shares by expelled members, together with any dividends credited to the member's shares, in the order of the member's expulsion, as funds become available therefor, except that the Connecticut credit union may deduct from such payments any sums due it from such member.
(P.A. 02-73, S. 40.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-440. (Formerly Sec. 36-196d). - Central credit union.

Section 36a-440 is repealed, effective October 1, 2002.
(P.A. 85-415, S. 34; P.A. 86-139, S. 1, 2; P.A. 88-81, S. 1, 2; P.A. 90-26, S. 2; P.A. 91-108, S. 1, 3; P.A. 92-89, S. 3, 20; P.A. 93-61; P.A. 94-122, S. 195, 340; P.A. 99-36, S. 8; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-440a. - Meetings.

(a) A Connecticut credit union shall hold an annual meeting as provided in its bylaws. Special meetings of members shall be held as provided in the bylaws and shall be called by the governing board at the request of a majority of the governing board, at the written request of the supervisory committee, or ten per cent of the members of the credit union or such lesser percentage of such members as provided in the bylaws.
(b) Notice of each annual or special meeting shall be given to each member in writing, which may include electronic means, by the secretary at least ten days prior to the annual or special meeting. In the case of a special meeting, the notice shall clearly state the purpose of the meeting and the matters that will be considered.
(c) (1) Each member in good standing shall have a single vote at all meetings notwithstanding the number of shares or number of accounts that such member holds.
(2) A member may not vote or hold office if the member is less than eighteen years of age.
(3) Unless provided otherwise in the bylaws, a member entitled to vote may vote in person, by proxy, by electronic means or by mail ballot.
(P.A. 02-73, S. 41; P.A. 18-117, S. 3.)
History: P.A. 18-117 amended Subsec. (b) by adding “, which may include electronic means,” and amended Subsec. (c)(3) by adding “, by electronic means”.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-440b. - Financial and statistical reports and other information. Records.

(a) A Connecticut credit union shall file (1) financial and statistical reports with the National Credit Union Administration or its successor agency in accordance with and at such times as required by 12 CFR 741.6, as amended from time to time, and (2) such other reports and information as may be required by the commissioner. Each Connecticut credit union that fails to file any report or information required by this section shall pay to the commissioner one hundred dollars for each day that it fails to file such report or information.
(b) A Connecticut credit union shall file with the commissioner, within ten business days after the organization meeting and after each annual meeting, a list of the names and addresses of all members of the governing board, identifying which members are officers, the members of the credit committee, if applicable, and the members of the supervisory committee, identifying the chairperson of each such committee. The Connecticut credit union shall notify the commissioner within ten business days after any changes to the list which occur therein.
(c) A Connecticut credit union that is required under federal law to submit a net worth restoration plan to the National Credit Union Administration or its successor agency shall simultaneously submit a final signed copy of such plan to the commissioner.
(d) A Connecticut credit union shall establish and maintain records, accounting systems and procedures which accurately reflect its operations and which enable the commissioner to readily ascertain the true financial condition of the credit union and whether such credit union is complying with sections 36a-435a to 36a-472a, inclusive.
(e) A Connecticut credit union shall preserve all of its records in accordance with regulations adopted by the commissioner pursuant to chapter 54.
(P.A. 02-73, S. 42; P.A. 03-84, S. 49; P.A. 15-235, S. 24.)
History: P.A. 03-84 changed “Commissioner of Banking” to “commissioner”, effective June 3, 2003; P.A. 15-235 amended Subsec. (a) to delete provision re Connecticut credit unions to file semi-annual reports with commissioner and add provision re Connecticut credit unions to file financial and statistical reports with National Credit Union Administration.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-441. (Formerly Sec. 36-198). - Powers.

Section 36a-441 is repealed, effective October 1, 2002.
(1949 Rev., S. 5911; 1951, 1953, 1955, S. 2741d; 1957, P.A. 108; 111; 1959, P.A. 72, S. 1; 1961, P.A. 127; 204; 1963, P.A. 183; 1967, P.A. 133, S. 1; 143; 322; 369, S. 1; 563, S. 1, 3; 1969, P.A. 234, S. 1, 2; 267, S. 2; 1971, P.A. 342, S. 1; 721; P.A. 73-126; 73-321, S. 1, 2; 73-326, S. 1, 2; 73-360, S. 1, 3; P.A. 75-57; 75-58, S. 1, 2; 75-61, S. 1, 2; 75-119, S. 1, 2; P.A. 77-96; 77-127; 77-136; 77-179, S. 2; 77-189, S. 1, 2; 77-614, S. 161, 610; P.A. 78-121, S. 69, 113; 78-331, S. 16, 58; P.A. 79-233, S. 4; P.A. 82-109, S. 1, 6; 82-171, S. 1, 2; P.A. 83-296, S. 1
–
3; 83-331, S. 2; P.A. 84-93, S. 2, 3; 84-125, S. 2; P.A. 85-79; 85-415, S. 6; P.A. 88-65, S. 59; P.A. 89-76, S. 1, 2; P.A. 90-26, S. 3; P.A. 91-108, S. 2, 3; P.A. 92-12, S. 61; P.A. 94-122, S. 196, 340; P.A. 95-253, S. 9; P.A. 96-53, S. 1, 4; P.A. 99-19; 99-36, S. 9; P.A. 00-38; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-442. (Formerly Sec. 36-198b). - Mortgage loans to members.

Section 36a-442 is repealed, effective October 1, 2002.
(1967, P.A. 563, S. 2; 1971, P.A. 405, S. 1; P.A. 73-270, S. 1
–
3; P.A. 75-107, S. 1
–
3; 75-121, S. 1, 2; P.A. 77-95; 77-179, S. 19; P.A. 79-130, S. 1, 2; P.A. 81-391, S. 6; P.A. 84-93, S. 1, 3; P.A. 85-415, S. 20; P.A. 87-9, S. 2, 3; P.A. 88-46; 88-65, S. 58; P.A. 89-287, S. 1; P.A. 94-122, S. 197, 340; P.A. 96-53, S. 2, 4; P.A. 97-19, S. 1, 2; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-442a. - Deposit of funds; withdrawals. Bond requirement.

(a) The funds of a Connecticut credit union shall be deposited in the name of the credit union only in such depository or depositories as designated by the governing board, in accordance with section 36a-459a, and no withdrawal of such funds shall be made unless the check or order withdrawing such funds is signed by a director or member of senior management designated by the governing board.
(b) Every director, supervisory committee member, credit committee member if applicable, and every employee of a Connecticut credit union who has charge or possession of the funds, securities or other assets of the Connecticut credit union, shall be bonded by a surety company authorized to do business in this state to the same extent as such bonding is required by 12 CFR Part 713, as from time to time amended. Such bond shall be in favor of the Connecticut credit union. A copy of each such bond and any renewal thereof shall be promptly filed by the Connecticut credit union with the commissioner.
(P.A. 02-73, S. 44; P.A. 03-84, S. 51.)
History: P.A. 03-84 changed “Commissioner of Banking” to “commissioner” in Subsec. (b), effective June 3, 2003.
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-443 to 36a-448. (Formerly Secs. 36-198c to 36-198e, 36-200, - Extension of lines of credit to members. Lien on shares of members. Tax and loan and note accounts. Shares; value; withdrawal; minors; trusts; retirement accounts; share insurance. Meetings. Governing board.

Sections 36a-443 to 36a-448, inclusive, are repealed, effective October 1, 2002.
(1949 Rev., S. 5913
–
5915; 1951, 1953, 1955, S. 2743d
–
2745d; 1957, P.A. 180; 1959, P.A. 64; 1961, P.A. 48; 50, S. 1; 1967, P.A. 499, S. 2; 1969, P.A. 121, S. 1; 224, S. 2, 3; 246, S. 2; 268, S. 3; 1971, P.A. 242, S. 2; P.A. 73-142, S. 1, 2; P.A. 73-360, S. 2, 3; 73-565, S. 2, 4; P.A. 75-92; 75-111, S. 2, 3; 75-203, S. 1, 2; 75-518, S. 9, 13; P.A. 77-179, S. 4, 5, 7, 8, 22; P.A. 77-182; 77-185; P.A. 81-173, S. 1, 4, 8; P.A. 82-109, S. 3, 4, 6; P.A. 83-332, S. 1; P.A. 84-125, S. 3; P.A. 85-74, S. 1, 2; 85-234; 85-415, S. 8, 9, 17, 23, 24; P.A. 88-65, S. 55; P.A. 89-211, S. 39; P.A. 90-26, S. 4; P.A. 91-357, S. 44, 78; P.A. 92-12, S. 62; P.A. 94-122, S. 198
–
203, 340; P.A. 99-22, S. 5, 8; 99-36, S. 10; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-449. (Formerly Sec. 36-203a). - Governing board meetings.

Section 36a-449 is repealed, effective October 1, 2002.
(P.A. 85-415, S. 11; P.A. 94-122, S. 204, 340; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-449a. - Meetings of governing board.

(a) The governing board of a Connecticut credit union shall meet as often as necessary and at least monthly, provided if the governing board delegates its authority to an executive committee, one body shall meet at least monthly and the other at least quarterly, as provided in the bylaws. The governing board shall keep complete minutes of all of its meetings which shall include the names of all directors present at each meeting.
(b) Unless the bylaws provide otherwise, the governing board may permit any and all directors to participate in all except one meeting per year of the governing board through the use of any means of communication by which all directors participating in the meeting may simultaneously hear each other and communicate during the meeting. A director participating in a meeting by this means is deemed to be present at the meeting.
(c) At the meeting of the governing board following the annual meeting of members, the governing board shall elect officers of the governing board and appoint committee members.
(d) Unless a greater number is required by the bylaws, a majority of the governing board shall constitute a quorum. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the governing board unless the act of a greater number is required by sections 36a-435a to 36a-472a, inclusive, or the bylaws of the credit union.
(P.A. 02-73, S. 46.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-450. (Formerly Sec. 36-203b). - Governing board powers. Committees.

Section 36a-450 is repealed, effective October 1, 2002.
(P.A. 85-415, S. 10; P.A. 94-122, S. 205, 340; P.A. 99-36, S. 11; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-450a. - Executive committee.

(a) The executive committee, if one is appointed by the governing board, shall consist of an odd number of not less than three directors of the Connecticut credit union.
(b) The executive committee shall meet in accordance with section 36a-449a, and as often as necessary and shall act for the governing board between meetings of the governing board, in all other matters except for approval of policies, subject to such conditions and limitations as prescribed by the governing board.
(c) The executive committee shall keep complete minutes of all of its actions, copies of which shall be submitted to the governing board at its next meeting.
(P.A. 02-73, S. 47.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-451. (Formerly Sec. 36-203c). - Executive committee.

Section 36a-451 is repealed, effective October 1, 2002.
(P.A. 85-415, S. 13; P.A. 94-122, S. 206, 340; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-452. (Formerly Sec. 36-203d). - Investment policy.

Section 36a-452 is repealed, effective October 1, 2002.
(P.A. 85-415, S. 16; P.A. 88-30; P.A. 92-12, S. 63; P.A. 94-122, S. 207, 340; P.A. 96-44, S. 7; P.A. 99-36, S. 12; P.A. 02-73, S. 86.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-452a. - Credit committee. Credit manager. Loan officer.

(a) Except as provided in section 36a-454b, the governing board may delegate, in accordance with its bylaws, all or part of its lending authority to a credit committee, a credit manager who may be but is not required to be a member, loan officers or any combination thereof, who shall review and act on all applications for extensions of credit or for release or substitution of collateral in accordance with the loan policy prescribed by the governing board.
(b) If the bylaws of a Connecticut credit union provide for a credit committee, such committee shall consist of an odd number of three or more members of the credit union, none of whom shall simultaneously serve on the supervisory committee and all of whom shall be members in good standing.
(c) The credit committee shall meet as often as necessary but at least monthly at a duly noticed meeting. All actions by the committee shall be by majority vote of those members present at any duly noticed meeting at which a quorum is present. A majority of the credit committee shall constitute a quorum. The credit committee shall keep complete minutes of all of its meetings, including the names of those present. The credit manager or loan officer shall provide to the governing board or the credit committee, if any, on at least a monthly basis, a complete listing of all applications for extensions of credit or for release or substitution of collateral that were reviewed and acted upon.
(d) A credit manager or loan officer shall not disburse the funds of the Connecticut credit union for any extension of credit approved by such credit manager or loan officer, except for extensions of credit that are secured in full by pledge of the borrowing member's own shares.
(e) An applicant for an extension of credit or release or substitution of collateral that has been disapproved by a credit manager or loan officer may appeal to the credit committee or, in the absence of a credit committee, to the governing board. Any such appeal to the credit committee or the governing board shall be acted upon at the next regular meeting of the credit committee or governing board. An applicant for an extension of credit or release or substitution of collateral that has been disapproved by the credit committee, other than an applicant appealing a denial by a credit manager or loan officer, may appeal to the governing board. Any such appeal to the governing board shall be acted upon by the governing board at its next regular meeting.
(P.A. 02-73, S. 49.)
2023 Connecticut General Statutes › Title 36a - The Banking Law of Connecticut › Chapter 667 - Credit Unions › Section 36a-453 and 36a-454. (Formerly Secs. 36-204 and 36-204a). - Officers. Benefits for Connecticut credit union employees and their families; liability or indemnity coverage for directors, credit committee members and supervisory committee members.

Sections 36a-453 and 36a-454 are repealed, effective October 1, 2002.
(1949 Rev., S. 5916; 1963, P.A. 176; February, 1965, P.A. 476; 1969, P.A. 287, S. 1, 2; P.A. 76-172, S. 3, 5; P.A. 77-179, S. 9; 77-198; 77-604, S. 56, 84; P.A. 81-173, S. 3; P.A. 85-415, S. 12, 25; P.A. 90-26, S. 5; P.A. 91-357, S. 45, 78; P.A. 94-122, S. 208, 209, 340; P.A. 99-36, S. 13; P.A. 02-73, S. 86.)