General Statutes of Connecticut Chapter 664b — Corporate Organization and Administration of Connecticut Banks

Connecticut · statute · Conn. Gen. Stat. ch. 664b · 28 active provisions

Conn. Gen. Stat. § 36a-70

(Formerly Sec. 36-53). Organization of Connecticut banks. Interim banks. Expedited Connecticut banks. Bankers' banks. Community banks. Community development banks. Innovation banks

(a) One or more persons may organize a Connecticut bank. (b) Except as otherwise provided in this section, any such Connecticut bank shall commence business with a minimum equity capital of at least five million dollars. Any trust bank shall commence business with a minimum equity capital of at least two million dollar…

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Conn. Gen. Stat. § 36a-71

(Formerly Sec. 36-54). Franchise not transferable; forfeiture

The right of any Connecticut bank to conduct the business for which it was organized shall not be transferable. This right shall be forfeited when such bank voluntarily ceases to conduct the business for which it was organized. The provisions of this section shall not affect a Connecticut bank which becomes a federal b…

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Conn. Gen. Stat. § 36a-72

(Formerly Sec. 36-61). General statutes to prevail

The provisions of the general statutes shall prevail over any inconsistent charter provision of any Connecticut bank.

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Conn. Gen. Stat. § 36a-73

Applicability of title 33

The provisions of this title shall prevail over any inconsistent provision of title 33 governing the corporate administration and procedure of a Connecticut bank. The provisions of said title 33, unless inapplicable by their terms, shall govern the corporate administration and procedure of a Connecticut bank to the ext…

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Conn. Gen. Stat. § 36a-80

(Formerly Sec. 36-62). Bylaws. Amendment to certificate of incorporation

Upon the adoption of the bylaws or of any amendment or repeal of such bylaws or any amendment to the certificate of incorporation by any Connecticut bank, a copy of the bylaws, amendment or repeal of the bylaws or any amendment to the certificate of incorporation shall promptly be filed with the commissioner.

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Conn. Gen. Stat. § 36a-81

(Formerly Sec. 36-64). Relocation of main office

(a) With the approval of the commissioner, a Connecticut bank may relocate its main office anywhere within the state. (b) (1) The commissioner, before granting an approval under subsection (a) of this section, shall consider: (A) The population of the area to be served by the proposed relocation of the main office of t…

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Conn. Gen. Stat. § 36a-82

(Formerly Sec. 36-87). Change of name

(a) Any capital stock Connecticut bank, after an affirmative vote of at least two-thirds of the issued and outstanding stock of each class at a meeting noticed and called for the purpose of changing its name, as certified by the secretary of the bank, may apply to the commissioner for permission to change its name. (b)…

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Conn. Gen. Stat. § 36a-83

(Formerly Sec. 36-90). Examination by shareholders

The shareholders of any capital stock Connecticut bank may examine the records of such bank in accordance with section 33-946.

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Conn. Gen. Stat. § 36a-84

(Formerly Sec. 36-117a). Amendment of charter of mutual savings banks

The charter of a mutual savings bank granted by a special act of the General Assembly may be amended in the manner provided under part XII of chapter 602 for the amendment of the certificate of incorporation of a specially chartered corporation, provided such amendment shall not change its name. The charter of a mutual…

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Conn. Gen. Stat. § 36a-85

(Formerly Sec. 36-175). Savings and loans' depositors' votes

No depositor of any savings and loan association shall be entitled to more than one vote in any meeting of such association.

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Conn. Gen. Stat. § 36a-86

(Formerly Sec. 36-128). Audit by accountants; governing board liability. Subsidiaries of holding companies; consolidated reports

(a) The governing board of each Connecticut bank shall annually procure an audit or examination by certified public accountants or holders of certificates of authority as public accountants selected by vote of the governing board or a duly authorized committee thereof, and such accountants shall agree to provide relate…

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Conn. Gen. Stat. § 36a-95

(Formerly Sec. 36-9c). Interlocking directors

With the approval of the commissioner, a Connecticut bank or a holding company that controls a Connecticut bank may have as an officer, employee or director a person who serves as an officer, employee, or director of any holding company, bank or out-of-state bank which is not an affiliate of the Connecticut bank or the…

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Conn. Gen. Stat. § 36a-96

(Formerly Sec. 36-9e). Bonds of officers and employees

The governing board of each Connecticut bank, or out-of-state bank other than a federally-chartered out-of-state bank that maintains in this state a branch as defined in section 36a-410, shall require that each officer and employee thereof be bonded by a surety company in favor of the bank in such amounts as are approv…

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Conn. Gen. Stat. § 36a-97

(Formerly Sec. 36-9ee). Limitation on liability of directors of banks and credit unions

The certificate of incorporation or charter of a bank, Connecticut credit union or federal credit union may contain a provision limiting the personal liability of a director to the bank or credit union or its members or its shareholders for monetary damages for breach of duty as a director to an amount that is not less…

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Conn. Gen. Stat. § 36a-98

(Formerly Sec. 36-69). Compensation for attending committee meetings, auditing and appraising. Compensation to director or trustee for endorsing paper, recommending loans and selling Connecticut bank stocks and securities prohibited

(a) The governing board of any Connecticut bank may fix the compensation of its officers and employees, of the members of its advisory boards, and of the members of regularly constituted committees of the governing board for attending committee meetings, for auditing or for appraising. Members of the governing board or…

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Conn. Gen. Stat. § 36a-99

(Formerly Sec. 36-121). Removal of corporator of a mutual savings bank

A corporator of a mutual savings bank may be removed at the annual meeting of the corporators, provided written notice is given to the corporators at least ten days before the meeting at which such removal is to be voted upon, if a majority of all the corporators of the mutual savings bank are present at the meeting an…

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Conn. Gen. Stat. § 36a-100

(Formerly Sec. 36-126b). Benefits for officers and employees

(a) Any Connecticut bank, or two or more Connecticut banks together may, in the discretion of a majority, and in the case of benefits for directors and their families of two-thirds, of each of such bank's entire governing board, provide death benefits, disability benefits, accident benefits, hospital, medical, surgical…

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Conn. Gen. Stat. § 36a-101

Oath or affirmation by directors

Each director of a Connecticut bank, upon such director's election, shall take and subscribe to an oath or affirmation that the director: (1) Will diligently and honestly perform the duties of director in administering the affairs of the Connecticut bank; (2) will remain responsible for the performance of the duties of…

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Conn. Gen. Stat. § 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 of Investigation of each director of a Connecticut bank upon such director's re-election and each…

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Conn. Gen. Stat. § 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 less than par value, if any, or, if such shares are issued without par value, for such consideration as may be fixed from time to…

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Conn. Gen. Stat. § 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 one or more classes in accordance with chapter 601. (b) Preferred shares, capital notes and debentures which are convertible int…

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Conn. Gen. Stat. § 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 meeting noticed and held for that purpose, reduce its capital stock and the number of its shares, or increase…

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Conn. Gen. Stat. § 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.

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Conn. Gen. Stat. § 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 such rights or options shall be issued or granted to directors, officers or employees of the ba…

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Conn. Gen. Stat. § 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 this subsection, “net profits” means the remainder of all earnings…

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