Senate Bill No. 901
               Senate Bill No. 901

              PUBLIC ACT NO. 97-190


AN  ACT  CONCERNING  THE  ORGANIZATION  OF INTERIM
CONNECTICUT BANKS.


    Be  it  enacted  by  the  Senate  and House of
Representatives in General Assembly convened:
    Subsection   (p)  of  section  36a-70  of  the
general statutes is repealed and the following  is
substituted in lieu thereof:
    (p)  One  or  more  persons  may  organize  an
interim  Connecticut  bank  solely  (1)  for   the
acquisition   of  an  existing  bank,  whether  by
acquisition of stock, of assets, or by  merger  or
consolidation,  or  (2)  to  facilitate  any other
corporate transaction authorized by this title  in
which  the  commissioner  has determined that such
transaction has adequate regulatory supervision to
justify the organization of an interim Connecticut
bank. Such  interim  Connecticut  bank  shall  not
accept  deposits  or  otherwise commence business.
[Subsections] SUBDIVISIONS (2),  (3)  AND  (4)  OF
SUBSECTION  (c) AND SUBSECTIONS (d), (f), (g), (h)
and (o) of this section shall  not  apply  to  the
organization  of  an  interim  bank,  provided the
commissioner   may,    in    the    commissioner's
discretion,  order  a hearing under subsection (d)
or require that organizers  publish  or  mail  the
proposed certificate of incorporation or both. The
approving authority  for  an  interim  Connecticut
bank  shall  be  the commissioner acting alone. If
the  approving  authority  determines   that   the
organization   of  the  interim  Connecticut  bank
complies  with  applicable  law,   the   approving
authority  shall  issue a temporary certificate of
authority  conditioned  on  the  approval  by  the
appropriate  supervisory  agency  of the corporate
transaction for which the interim Connecticut bank
is formed.

Approved June 24, 1997