Connecticut General Statutes
Chapter 664c - Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies
Section 36a-223. (Formerly Sec. 36-36). - Duties of conservators and receivers for Connecticut banks and credit unions. Powers.

(a) The duty of the conservator shall be to carry on the business of the Connecticut bank or Connecticut credit union, to preserve and conserve the assets and property of the bank or credit union, and to put such bank or credit union in a safe and sound condition.

(b) The duty of the receiver shall be to place the Connecticut bank or Connecticut credit union in liquidation and proceed to realize upon the assets of such bank or credit union, having due regard for the conditions of credit in the locality of such bank or credit union.
(c) A receiver or conservator appointed pursuant to subsection (a) of section 36a-222 shall have the following powers: (1) To take possession of the books, records and assets of every description of the Connecticut bank or Connecticut credit union and collect all debts due and claims belonging to it; (2) to sue and defend all rights and claims involving the bank or credit union; (3) to exercise any and all fiduciary functions of the bank or credit union as of the date of the commencement of the receivership or conservatorship; (4) to borrow such sums of money as may be necessary or desirable in the performance of the duties of the receiver or conservator, and in connection therewith, to secure such borrowings by the pledge, hypothecation or mortgage of the assets of the bank or credit union; (5) subject to the approval of the appointing court, unless such approval is not required under subsection (d) of this section, to sell or otherwise dispose of any and all real and personal property of the bank or credit union; sell, assign, compromise, or otherwise dispose of all bad or doubtful debts; and compromise all doubtful claims for or against the bank or credit union; (6) to exercise all of the power and authority of the corporators, shareholders, directors, trustees, officers, depositors, share account holders and clients of such bank or credit union in carrying out the duty of the receiver or conservator; (7) to exercise such other powers and duties as may be reasonably necessary or desirable to effectively and efficiently perform the functions of receiver or conservator in accordance with federal and state banking and credit union laws and regulations.
(d) Notwithstanding the provisions of subsection (c) of this section, in all cases in which the commissioner is appointed receiver or conservator, the commissioner, without the approval of the appointing court, may, upon such terms as the commissioner deems in the best interest of the Connecticut bank or Connecticut credit union: (1) Sell, assign, compromise or otherwise dispose of any bad or doubtful debt held by the bank or credit union, the value of which does not exceed fifty thousand dollars; (2) compromise any claim, other than a deposit claim, against the bank or credit union when the amount proposed to be paid in compromise does not exceed fifty thousand dollars, provided no claim in favor of the bank or credit union against any director, trustee or other officer for breach or neglect of official duty shall be compromised without the approval of the court; and (3) sell or otherwise dispose of any personal property of the bank or credit union the value of which does not exceed fifty thousand dollars. For purposes of this subsection, the value of any bad or doubtful debt shall be its current value, as determined by the commissioner in good faith, and the value of any personal property shall be (A) in the case of any single class of a security or any commodity, or other property or claim that has a readily ascertainable market value, such market value, and (B) in any other case, its current value as determined by the commissioner in good faith.
(1949 Rev., S. 5761; P.A. 76-2, S. 1, 5; P.A. 77-614, S. 161, 610; P.A. 78-121, S. 24, 113; P.A. 80-482, S. 244, 345, 348; P.A. 87-9, S. 2, 3; P.A. 88-65, S. 20; P.A. 91-357, S. 9, 78; P.A. 94-122, S. 98, 340; P.A. 02-73, S. 13; P.A. 03-153, S. 1; P.A. 04-136, S. 15.)
History: P.A. 76-2 added provisions re appointment of FDIC or FSLIC as receiver, made appointment of employee of commissioner's office as agent in receivership or liquidation proceedings optional rather than mandatory and allowed appointment of other appropriate person as agent, substituted state banking fund for “appropriation for the bank commissioner”, specified that FDIC and FSLIC need not post bond and added Subsecs. (b) and (c) re receiver's powers and duties; P.A. 77-614 replaced bank commissioner with banking commissioner and made banking department a division within the department of business regulation, effective January 1, 1979; P.A. 78-121 removed private bankers and building associations from purview of section; P.A. 80-482 restored banking division as independent department and abolished the department of business regulation; (Revisor's note: Pursuant to P.A. 87-9 banking commissioner and department were changed to commissioner and department of banking); P.A. 88-65 deleted references to industrial banks; P.A. 91-357 deleted references to the Federal Savings and Loan Insurance Corporation from Subsec. (a), added references to the Resolution Trust Corporation to Subsec. (a) and deleted obsolete language re judge of the superior court from Subsec. (a); P.A. 94-122 made technical procedural changes to reflect the authorization of conservatorships, effective January 1, 1995; Sec. 36-36 transferred to Sec. 36a-223 in 1995; P.A. 02-73 amended Subsecs. (a), (b) and (c) by adding provisions making section applicable to Connecticut credit unions and share account holders, replacing references to the Resolution Trust Corporation with references to the National Credit Union Administration and making conforming changes; P.A. 03-153 amended Subsec. (a) by rephrasing provisions re appointment of commissioner, Federal Deposit Insurance Corporation and National Credit Union Administration as receiver or conservator and providing for appointment of another competent person if extraordinary circumstances exist, amended Subsec. (c)(5) by providing exception when approval not required under Subsec. (d) and giving receiver or conservator power to sell, assign or otherwise dispose of bad or doubtful debts and to compromise all doubtful claims for or against bank or credit union, and added Subsec. (d) re powers of commissioner, as receiver or conservator, which are not subject to approval of appointing court, effective June 26, 2003; P.A. 04-136 replaced former Subsecs. (a) and (b) with new Subsecs. (a) and (b) specifying the duties of the conservator and the receiver of a Connecticut bank or Connecticut credit union, amended Subsec. (c)(6) to insert reference to “clients” and to replace “subsection (a) of this section” with “subsection (a) of section 36a-222”, and amended Subsec. (d) to make a technical change, effective May 12, 2004.
Annotation to former section 36-36:
Former provision relating to special assistants to Attorney General construed. 133 C. 334.

Structure Connecticut General Statutes

Connecticut General Statutes

Title 36a - The Banking Law of Connecticut

Chapter 664c - Fundamental Changes Involving Banks, Branches, Automated Teller Machines, Virtual Banking and Bank Holding Companies

Section 36a-125. (Formerly Sec. 36-193u). - Merger and consolidation of Connecticut banks.

Section 36a-126. - Merger and consolidation of Connecticut banks with federal banks.

Section 36a-127. - Merger of Connecticut bank with nonbank affiliates.

Section 36a-135. - Conversions of a mutual institution into another mutual institution.

Section 36a-136. (Formerly Sec. 36-142m). - Conversion of a mutual institution to a capital stock bank. Plan of conversion.

Section 36a-137. - Conversion of a capital stock bank into another capital stock bank.

Section 36a-138. - Conversion of a capital stock institution into a mutual institution.

Section 36a-139. (Formerly Sec. 36a-252). - Conversion of community banks to Connecticut banks.

Section 36a-139a. (Formerly Sec. 36a-252a). - Conversion of uninsured banks and trust banks.

Section 36a-139b. - Conversion to an uninsured bank.

Section 36a-145. (Formerly Sec. 36-59). - Branches, limited branches, mobile branches and loan production offices. Establishment, operation, conversion, closing, relocation, consolidation and sale.

Section 36a-155. (Formerly Sec. 36-193b). - Establishment and use of automated teller machines, satellite devices and point of sale terminals.

Section 36a-156. (Formerly Sec. 36-193c). - Availability of automated teller machines, satellite devices and point of sale terminals.

Section 36a-157. (Formerly Sec. 36-193d). - Satellite device or point of sale terminal not branch or office.

Section 36a-158. (Formerly Sec. 36-193f). - Establishment and use of automated teller machines and point of sale terminals by out-of-state banks and out-of-state credit unions.

Section 36a-159. (Formerly Sec. 36-193h). - Transactions at point of sale terminals. Changes in transactions permitted.

Section 36a-170. (Formerly Sec. 36-9ff). - Virtual banking.

Section 36a-180. (Formerly Sec. 36-418). - Short title: Connecticut Bank Holding Company and Bank Acquisition Act.

Section 36a-181. (Formerly Sec. 36-420). - Organization of holding companies by capital stock Connecticut banks.

Section 36a-182. (Formerly Sec. 36-421). - Ownership of bank shares not to be considered as transacting banking business.

Section 36a-183. (Formerly Sec. 36-422). - Applicability and construction of sections 36a-180 to 36a-191, inclusive.

Section 36a-184. (Formerly Sec. 36-423). - Acquisition of beneficial ownership of voting securities of banks and holding companies. Contents of acquisition statement. Registration statement.

Section 36a-185. (Formerly Sec. 36-425). - Public hearing. Disapproval of plan. Adequacy of services, findings.

Section 36a-186. (Formerly Sec. 36-426). - Injunction against unlawful offer or acquisition. Seizure or sequestration of securities.

Section 36a-187. (Formerly Sec. 36-427). - Administration and enforcement.

Section 36a-188. (Formerly Sec. 36-427a). - Registration with commissioner. Reports and examinations.

Section 36a-189. (Formerly Sec. 36-428). - Appeal from commissioner.

Section 36a-190. (Formerly Sec. 36-429). - Excepted transactions.

Section 36a-191. (Formerly Sec. 36-430). - Severability.

Section 36a-192. (Formerly Sec. 36-142aa). - Reorganization of mutual savings banks and mutual savings and loan associations into mutual holding companies. Plan of reorganization.

Section 36a-193. (Formerly Sec. 36-142bb). - Reorganized savings institutions. Minimum equity capital requirement. Application. Certificate of authority.

Section 36a-194. (Formerly Sec. 36-142cc). - Powers.

Section 36a-195. (Formerly Sec. 36-142dd). - Issuance of preferred stock.

Section 36a-196. (Formerly Sec. 36-142ee). - Issuance of common stock.

Section 36a-197. (Formerly Sec. 36-142ff). - Conversion into stock holding company.

Section 36a-198. (Formerly Sec. 36-142gg). - Mutual holding company subsidiary holding company.

Section 36a-199. (Formerly Sec. 36-142hh). - Exemption from real estate conveyance taxes.

Section 36a-210. (Formerly Sec. 36-30). - Transfer of assets.

Section 36a-215. (Formerly Sec. 36-22b). - Powers re troubled trust banks and uninsured banks.

Section 36a-216. (Formerly Sec. 36-22). - Powers in case of financial distress.

Section 36a-217. (Formerly Sec. 36-26). - Establishment of maximum rate of dividends and interest. Regulations.

Section 36a-218. (Formerly Sec. 36-31). - Order to make good impairment of capital. Application for appointment of receiver.

Section 36a-219. (Formerly Sec. 36-32). - Restraining order. Appointment of conservator.

Section 36a-220. (Formerly Sec. 36-34). - Application for injunction, receiver or conservator in case of forfeited charter or certificate of authority, fraud, unsafe business practices, dissipation of assets, insolvency or termination of insurance of...

Section 36a-221. (Formerly Sec. 36-35). - Appointment of receiver or conservator on petition of shareholders.

Section 36a-221a. - Duties of receivers of trust banks and uninsured banks.

Section 36a-222. - Appointment of receiver or conservator for Connecticut banks and credit unions. Requirements. Division within department for liquidating or administering banks or credit unions. Appointment of agent. Reports. Salaries, costs and ex...

Section 36a-223. (Formerly Sec. 36-36). - Duties of conservators and receivers for Connecticut banks and credit unions. Powers.

Section 36a-224. (Formerly Sec. 36-37). - Refinancing or reorganization of Connecticut banks and credit unions in receivership.

Section 36a-225. (Formerly Sec. 36-38). - Limitation of time for presenting claims to receiver. Receiver to publish notice in newspaper and mail individual notice to depositors, clients, creditors and safe deposit box holders.

Section 36a-226. (Formerly Sec. 36-39). - Duties of receiver re inventory and appraisal of assets of Connecticut banks and credit unions in receivership. Conversion of assets. Deposit of money.

Section 36a-226a. - Termination of contracts for bailment, deposit for hire or lease of safes, vaults or safe deposit boxes. Duties of receiver when property not removed.

Section 36a-227. (Formerly Sec. 36-40). - Dissolution of attachments and levies. Posting of notice of injunction or appointment of receiver.

Section 36a-228. (Formerly Sec. 36-40a). - Termination of executory contracts for services or advertising to which Connecticut banks and credit unions are a party. Validity of agreements that diminish interest of the estate in banks' and credit union...

Section 36a-229. (Formerly Sec. 36-41). - Immediate delivery of records and other property to receivers and conservators of Connecticut banks and credit unions. Copies. Penalty for neglect or refusal to deliver records and other property.

Section 36a-230. (Formerly Sec. 36-43). - Claims not barred by statute of limitations against receiver.

Section 36a-231. (Formerly Sec. 36-44). - Reports to be filed with Superior Court and commissioner. Payment of administrative expenses. Quarterly report. Objections. Audit of books and records of receivers of Connecticut banks and credit unions. Duti...

Section 36a-232. (Formerly Sec. 36-46). - Creditor's application for order to receiver.

Section 36a-233. (Formerly Sec. 36-47). - Funds and property not subject to foreign attachment.

Section 36a-234. (Formerly Sec. 36-48). - Dissolution of injunction against receiver.

Section 36a-235. (Formerly Sec. 36-49). - Conditions under which transfers of or liens on property or assets of Connecticut banks and credit unions in receivership are voidable. Personal liability of persons who implemented or benefited from voidable...

Section 36a-236. (Formerly Sec. 36-50). - Final distribution of receivership accounts.

Section 36a-237. (Formerly Sec. 36-51). - Distribution of assets of any Connecticut bank, trust bank or uninsured bank. Order of priority. Distribution of assets of a Connecticut credit union in event of liquidation. Sequence of distribution.

Section 36a-237f. - Procedures re filing claims against the estate of trust banks and uninsured banks in receivership. Judgment. Appeal. Payment of claims.

Section 36a-237g. - Disposition of fiduciary records re fiduciary accounts of trust banks and uninsured banks.

Section 36a-237h. - Immunity for receivers and conservators of trust banks and uninsured banks and their employees.

Section 36a-238. (Formerly Sec. 36-51a). - Subrogation of Federal Deposit Insurance Corporation, National Credit Union Administration or successor agencies.

Section 36a-239. (Formerly Sec. 36-52). - Discharge of receiver or conservator.