Sec. 36a-428i. Notice of acquisition of control or merger of foreign bank.
Sec. 36a-428i. Notice of acquisition of control or merger of foreign bank. (a)
A foreign bank licensed to maintain a state branch, state agency or representative office
in this state shall file with the commissioner a notice, in such form and containing such
information as the commissioner may prescribe, no later than fourteen calendar days
after such foreign bank becomes aware of any acquisition of control of such bank or
merges with another foreign bank.
(b) For purposes of this section, "control" means that any person or entity, or group
of persons or entities acting in concert, directly or indirectly, owns, controls or holds
with power to vote, twenty-five per cent or more of any class of voting stock of such
foreign bank, or has the ability in any manner to elect a majority of the directors of
such foreign bank, or otherwise exercises a controlling influence, as determined by the
commissioner, over the management and policies of such foreign bank.
(Oct. Sp. Sess. P.A. 94-1, S. 10, 21.)
History: Oct. Sp. Sess. P.A. 94-1, S. 10, effective January 1, 1995.