Bill Text: CT SB00392 | 2018 | General Assembly | Comm Sub

Connecticut Senate Bill 392 (Prior Session Legislation)

Bill Title: An Act Concerning Connecticut Banks.

Spectrum: Committee Bill

Status: (Engrossed - Dead) 2018-05-06 - House Calendar Number 546 [SB00392 Detail]

Download: Connecticut-2018-SB00392-Comm_Sub.html


General Assembly		*Raised Bill No. 392*
*February Session, 2018*		LCO No. 1546
		_____SB00392BA____032118____
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 Subdivision (31) of subsection (a) of section 36a-250 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2018):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;