Sec. 36a-239. (Formerly Sec. 36-52). Discharge of receiver or conservator.
Sec. 36a-239. (Formerly Sec. 36-52). Discharge of receiver or conservator. (a)
After a final disposition of funds as provided in sections 36a-236 and 36a-237, the
receiver, upon applying to the superior court having jurisdiction and after such public
notice as the court may require, may be discharged from further liability. If no plan of
refinancing or reorganization has been approved by the court, the charter or certificate
of incorporation of the Connecticut bank or certificate of authority of a Connecticut
credit union in receivership shall be forfeited upon the discharge of the receiver from
further liability.
(b) Upon a determination by the commissioner that the conditions that formed the
basis for the appointment of a conservator for any Connecticut bank or Connecticut
credit union no longer exist, the commissioner shall apply to the superior court having
jurisdiction to have the conservator discharged from further liability. Upon appointment
of a receiver for any bank or credit union that is subject to a conservatorship, the conservator shall automatically be discharged from further liability without any specific action
of the commissioner or the court.
(1949 Rev., S. 5777; P.A. 92-12, S. 21; P.A. 94-122, S. 114, 340; P.A. 02-73, S. 27; P.A. 04-136, S. 27.)
History: P.A. 92-12 made technical changes; P.A. 94-122 added Subsec. (b) re discharging conservators upon changed
conditions, effective January 1, 1995; Sec. 36-52 transferred to Sec. 36a-239 in 1995; P.A. 02-73 amended Subsecs. (a)
and (b) by adding provisions making section applicable to Connecticut credit unions; P.A. 04-136 amended Subsec. (a)
to insert "or certificate of incorporation", effective May 12, 2004.