(a) A savings bank or group of savings banks or associations may establish service corporations under Chapter 55 of the General Statutes, provided that the Commissioner of Banks receives copies of the proposed articles of incorporation and bylaws for approval, before filing them with the Secretary of State. A savings bank may also invest in the capital stock, obligations, or other securities of existing service corporations.
(b) No savings bank may make any investment in service corporations if its aggregate investment would exceed ten percent (10%) of its total assets.
(c) A service corporation is subject to audit and examination by the Commissioner of Banks, and the service corporation shall pay the cost of examination.
(d) The permitted activities of a service corporation shall be described in the rules adopted by the Commissioner of Banks.
(e) The location of the principal and branch offices of a service corporation shall be approved by the Commissioner of Banks. (1991, c. 680, s. 1; 2001-193, s. 16.)
Last modified: March 23, 2014