Connecticut § 3-24j - Definitions.

§ 3-24j. Definitions.

Sec. 3-24j. Definitions. As used in this section and sections 3-24k and 3-24l:

(1) “Community bank” means a bank and trust company, savings bank or savings and loan association chartered or organized under the laws of this state; and

(2) “Community credit union” means a cooperative, nonprofit financial institution that (A) is organized under chapter 667 and the membership of which is limited as provided in section 36a-438a, (B) operates for the benefit and general welfare of its members with the earnings, benefits or services offered being distributed to or retained for its members, and (C) is governed by a volunteer board of directors elected by and from its membership.

(P.A. 03-226, S. 1; P.A. 07-55, S. 1; P.A. 17-8, S. 1; P.A. 23-126, S. 27.)

History: P.A. 07-55 redefined “community credit union” in Subdiv. (2), defined “state credit union” in Subdiv. (3) and made technical changes, effective May 21, 2007; P.A. 17-8 amended Subdiv. (1) to redefine “community bank” and amended Subdiv. (2) to redefine “community credit union”, effective May 31, 2017; P.A. 23-126 redefined “community bank” and “community credit union” in Subdivs. (1) and (2), respectively, and deleted former Subdiv. (3) defining “state credit union”, effective July 1, 2023.