Conn. Gen. Stat. § 36a-264
Current with legislation from the 2024 Regular and Special Sessions.
A capital stock Connecticut bank shall not make any loan on or discount any paper secured by a pledge of its own stock or of the stock of a holding company of which such bank is an affiliate, unless such pledge shall be necessary to prevent loss upon a debt previously contracted by such bank in good faith.
Conn. Gen. Stat. § 36a-264
(1949 Rev., S. 5792; 1969, P.A. 504, S. 20; P.A. 83-273, S. 1, 2; P.A. 85-379, S. 5; P.A. 94-122, S. 121, 340.)
Annotations to former section 36-68: Refers to specific pledge not inconsistent with lien for stockholder's debt. 26 C. 157. Prohibition of loans on its stock implies prohibition of purchase of stock by corporation; corporation is forbidden by implication to purchase its stock. 52 C. 99.