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Can you summarize 36a CTGS 210?
Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies - Secs. 36a-125 to 36a-249 > (Formerly Sec. 36-30). Transfer of assets.
Short Summary
This legal document, formerly known as Section 36-30, governs the transfer of assets for Connecticut banks. It states that a Connecticut bank may transfer all or a significant part of its assets or business to another bank with the approval of the commissioner. The transferring bank must have been in existence and continuously operating for at least five years, unless waived by the commissioner. The commissioner shall not approve the transfer if the acquiring bank would control thirty percent or more of the total amount of deposits of insured depository institutions in the state, unless permitted by the commissioner. The transferring and acquiring banks must file a written agreement approved by their governing boards, which includes terms for the transaction and full payment of amounts due to depositors and creditors. The transfer may be made in cash or by making funds available on demand. Prior authorization for the transfer is required through a vote of the voting power of the outstanding shares, depositors, or governing board and corporators, depending on the type of bank. The commissioner may waive the voting requirement if it is in the best interest of depositors or creditors. The document also outlines the process for notifying depositors and creditors of the transfer, the liquidation of the transferring bank, and the distribution of any remaining surplus. Additionally, it specifies that no Connecticut bank may acquire all or a significant part of the assets or business of a federal bank, federal credit union, or out-of-state bank without the approval of the commissioner. The same applies to the acquisition of assets or business of a Connecticut bank or credit union from its receiver. The document does not mention specific penalties for non-compliance or violation.
Whom does it apply to?
Connecticut banks, bank holding companies, acquiring banks, insured depository institutions, depositors, creditors
What does it govern?
Transfer of assets
What are exemptions?
The liquidation of all retail deposits of a Connecticut bank pursuant to subsection (e) of section 36a-139b
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Connecticut