Sec. 3-24j. Definitions.
110 words·~1 min read·
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As used in this section and sections 3-24k and 3-24 l :
(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.