(a) In accordance with the provisions of sections 4-5 to 4-8, inclusive, the Governor shall appoint the commissioner who shall hold office for four years from the first day of March in the year of the commissioner's appointment. The Governor may remove the commissioner for cause. Except as otherwise provided, the commissioner shall not while holding such office be an officer, an employee, or a director, of any federal bank, federal credit union, out-of-state bank, out-of-state credit union, holding company that has a wholly-owned subsidiary that is a capital stock Connecticut bank, or any person subject to the commissioner's general supervision, nor shall the commissioner have any financial interest in any such person, or engage or be interested in the sale of securities or in the negotiation of loans for others as a business. The commissioner shall not, while holding such office, be directly or contingently indebted to any Connecticut bank, or Connecticut credit union, or any person licensed under parts I and III of chapter 668, provided this prohibition shall not extend to indebtedness to such persons resulting from the sale of the debt by the original lender. Any such person to whom a commissioner is or becomes so indebted in violation of this section shall give immediate notice thereof to the Governor. The commissioner may maintain an account with any person.

(b) Notwithstanding the provisions of subsection (a) of this section, the commissioner while holding office may have an indirect financial interest in any federal bank, federal credit union, out-of-state bank, out-of-state credit union, holding company that has a wholly-owned subsidiary that is a capital stock Connecticut bank, or any person subject to the commissioner's general supervision, which indirect interest arises through ownership of or beneficial interest in any investment in which the commissioner does not control the securities that are held in the portfolio, including a pension fund, mutual fund, deferred compensation plan, or similar investment.

(c) For purposes of this section, any financial interest of the spouse of the commissioner or the dependent children residing with the commissioner shall be considered a financial interest of the commissioner.

(1949 Rev., S. 5733; P.A. 77-614, S. 161, 610; P.A. 78-121, S. 15, 113; P.A. 87-9, S. 2, 3; P.A. 88-65, S. 10; P.A. 93-16, S. 1; P.A. 94-122, S. 5, 340; P.A. 03-84, S. 1.)

History: P.A. 77-614 replaced bank commissioner with banking commissioner, effective January 1, 1979; P.A. 78-121 deleted reference to commissioner's accounts with private bankers and building associations; (Revisor's note: Pursuant to P.A. 87-9 “banking commissioner” was changed editorially by the Revisors to “commissioner of banking”); P.A. 88-65 deleted a provision which allowed the commissioner to maintain certificates of an industrial bank; P.A. 93-16 made technical changes for clarity and accuracy re the institutions subject to the commissioners' general supervision and prohibited the commissioner from being indebted to any state bank and trust, savings bank, savings and loan association, credit union or any person or entity licensed under chapters 646a, 647 and 660a provided the indebtedness does not result from the sale of debt by the original lender; P.A. 94-122 changed “commissioner of banking” to “commissioner” and made other technical changes, effective January 1, 1995; Sec. 36-10 transferred to Sec. 36a-11 in 1995; P.A. 03-84 designated existing provisions as Subsec. (a), amended Subsec. (a) to prohibit commissioner from being an officer, employee or director of a holding company that has a wholly-owned subsidiary that is a capital stock Connecticut bank, added Subsec. (b) allowing commissioner to have indirect financial interest in certain financial institutions or person subject to commissioner's general supervision and added Subsec. (c) re financial interest of commissioner's spouse or dependent children, effective June 3, 2003.

Annotation to former section 36-10:

Cited. 132 C. 533.