State Codes and Statutes

Statutes > Connecticut > Title34 > Chap615 > Sec34-538

      Sec. 34-538. Revocation of certificate of registration. (a) The certificate of registration of a foreign statutory trust to transact business in this state may be revoked by the Secretary of the State upon the conditions provided in this section when: (1) The statutory trust has failed to file its annual report with the Secretary of the State; (2) a wilful misrepresentation has been made of any material matter in any application, report, affidavit or other document, submitted by such statutory trust pursuant to sections 34-500 to 34-547, inclusive; or (3) the statutory trust is exceeding the authority conferred upon it by said sections.

      (b) (1) On the happening of the events set out in subdivision (1) of subsection (a) of this section, the Secretary of the State shall revoke the certificate of registration of such foreign statutory trust to transact business in this state. (2) On the happening of the events set out in subdivision (2) or (3) of subsection (a) of this section, the Secretary of the State shall give not less than twenty days written notice to the foreign statutory trust that said secretary intends to revoke the certificate of registration of such foreign statutory trust for one of said causes, specifying the same. Such notice shall be given by registered or certified mail addressed to the statutory trust at its address as last shown on the records of the Secretary of the State. If, before expiration of the time set forth in the notice, the statutory trust establishes to the satisfaction of the Secretary of the State that the stated cause for the revocation of its certificate of registration did not exist at the time the notice was mailed or, if it did exist at said time, has been cured, the Secretary of the State shall take no further action. Otherwise, on the expiration of the time stated in the notice, said secretary shall revoke the certificate of registration of such foreign statutory trust to transact business in this state.

      (c) Upon revoking the certificate of registration of any statutory trust, the Secretary of the State shall file a certificate of revocation in his office and mail a copy thereof to such statutory trust at its address as last shown on said secretary's records. The filing of such certificate shall cause the authority of a statutory trust to transact business in this state to cease. Notwithstanding the filing of the certificate of revocation, the appointment by a foreign statutory trust of an attorney upon whom process may be served shall continue in force as long as any liability remains outstanding against the foreign statutory trust in this state.

      (P.A. 96-271, S. 246, 254.)

      History: P.A. 96-271 effective October 1, 1997.