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Can you summarize 36a CTGS 185?
Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies - Secs. 36a-125 to 36a-249 > (Formerly Sec. 36-425). Public hearing. Disapproval of plan. Adequacy of services, findings.
Short Summary
This legal document, formerly known as Section 36-425, pertains to public hearings and the disapproval of plans in relation to the acquisition of banks, holding companies, and other entities. The document outlines the criteria for disapproval, including the inability of the bank to meet the requirements for banking operations, potential financial instability caused by the acquiring person, unfair terms in tender or exchange offers, unfair or prejudicial plans or proposals, concerns regarding the acquiring person’s competence, experience, and integrity, and adverse effects on the public interest. The document also specifies circumstances where disapproval is mandatory, such as the acquisition of newly established banks or holding companies, control of a significant percentage of insured depository institution deposits, inability to make required findings, and inadequate anti-money-laundering programs. The commissioner is required to consider factors such as investment and lending policies, services provided, competition, and the acquiring person’s capital and managerial resources. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Acquiring persons, banks, holding companies
What does it govern?
Public hearing, disapproval of plan, adequacy of services, findings
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Connecticut