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

Connecticut Statutes

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

Connecticut·Title 36a The Banking Law of Connecticut·Ch. 664b Corporate Organization and Administration of Connecticut Banks

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.

Connecticut § 36a-71 ((Formerly Sec. 36-54). Franchise not transferable; forfeiture.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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.