§ 3-24j — Definitions.

Connecticut § 3-24j

• Jurisdiction: Connecticut
• Title 3: State Elective Officers
• Ch. 32: Treasurer

Text

As used in this section and sections 3-24k and 3-24l: (1) “Community bank” means a bank and trust company, savings bank or savings and loan association chartered or organized under the laws of this state; and (2) “Community credit union” means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in section 36a-438a , (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership.

Legislative History

(P.A. 03-226, S. 1; P.A. 07-55, S. 1; P.A. 17-8, S. 1; P.A. 23-126, S. 27.) History: P.A. 07-55 redefined “community credit union” in Subdiv. (2), defined “state credit union” in Subdiv. (3) and made technical changes, effective May 21, 2007; P.A. 17-8 amended Subdiv. (1) to redefine “community bank” and amended Subdiv. (2) to redefine “community credit union”, effective May 31, 2017; P.A. 23-126 redefined “community bank” and “community credit union” in Subdivs. (1) and (2), respectively, and deleted former Subdiv. (3) defining “state credit union”, effective July 1, 2023.