Connecticut § 36a-71 (Formerly Sec. 36-54). Franchise not transferable; forfeiture.

Connecticut Statutes

§ 36a-71 — (Formerly Sec. 36-54). Franchise not transferable; forfeiture.

Connecticut § 36a-71

Title 36aThe Banking Law of Connecticut

Ch. 664bCorporate Organization and Administration of Connecticut Banks

This text of Connecticut § 36a-71 ((Formerly Sec. 36-54). Franchise not transferable; forfeiture.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 36a-71 (2026).

Text

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 bank and which has continued the business for which it was organized without voluntary interruption.

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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 bank and which has continued the business for which it was organized without voluntary interruption.

Legislative History

(1949, Rev., S. 5779; P.A. 94-122, S. 36, 340.) History: P.A. 94-122 extended to savings and loan associations the prohibition on transferral of bank franchises, effective January 1, 1995; Sec. 36-54 transferred to Sec. 36a-71 in 1995.