A Connecticut bank may merge with one or more of its affiliates that are not banks or out-of-state banks, provided the resulting institution is a Connecticut bank. Such merger shall be effected in accordance with the provisions of section 36a-125 as if such affiliate were a constituent bank, except, with respect to any provision therein governing corporate procedure, including the rights of dissenting members or shareholders who assert existing appraisal rights, such affiliate shall comply with the laws of the state or other jurisdiction under which such affiliate is organized. Any such affiliate shall also comply with other applicable laws of the state or other jurisdiction under which such affiliate is organized concerning such mergers.
(P.A. 11-50, S. 15; P.A. 13-135, S. 2.)
History: P.A. 11-50 effective June 13, 2011; P.A. 13-135 added provision re merger to be effected as if affiliate were a constituent bank, effective June 18, 2013.