OLR Bill Analysis

sHB 5129

AN ACT CONCERNING CONNECTICUT BANKS.

SUMMARY:

This bill specifically authorizes Connecticut banks to organize interim banks solely to acquire existing banks or make other corporate transactions possible. Current law already allows one or more people to organize an interim bank for the same purposes. The bill specifies that it does not invalidate or otherwise affect acquisitions or transactions entered into before October 1, 2008.

EFFECTIVE DATE: October 1, 2008

COMMITTEE ACTION

Banks Committee

Joint Favorable