Connecticut Seal

General Assembly

 

Raised Bill No. 392

February Session, 2018

 

LCO No. 1546

 

*01546_______BA_*

Referred to Committee on BANKING

 

Introduced by:

 

(BA)

 

AN ACT CONCERNING CONNECTICUT BANKS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subdivision (31) of subsection (a) of section 36a-250 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2018):

(31) Subject to the approval of the commissioner, authorize the issuance and sale of evidences of indebtedness, including debentures, debt instruments of all maturities and capital notes, at such times, in such amount and upon such terms as are determined by the governing board, provided the issuance of such evidences of indebtedness which are payable on demand or mature [within] not later than five years after the date of their issuance or which are effected in the ordinary course of business do not require the approval of the commissioner. The proceeds of such evidences of indebtedness which mature after five years of their issuance which are subordinate to the claims of depositors upon liquidation of the bank shall be considered part of its capital for the purpose of computing any loan, deposit or investment limitation under this title;

This act shall take effect as follows and shall amend the following sections:

Section 1

October 1, 2018

36a-250(a)(31)

Statement of Purpose:

To make a technical change to a provision of the general statutes concerning Connecticut banks.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]