The right of any Connecticut bank to conduct the business for which it was organized shall not be transferable. This right shall be forfeited when such bank voluntarily ceases to conduct the business for which it was organized. The provisions of this section shall not affect a Connecticut bank which becomes a federal bank and which has continued the business for which it was organized without voluntary interruption.
Conn. Gen. Stat. § 36a-71
(Formerly Sec. 36-54). Franchise not transferable; forfeiture
(1949, Rev., S. 5779; P.A. 94-122, S. 36, 340.) History: P.A. 94-122 extended to savings and loan associations the prohibition on transferral of bank franchises, effective Janua…
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.