State Codes and Statutes

Statutes > Connecticut > Title36a > Chap665b > Sec36a-383

      Sec. 36a-383. (Formerly Sec. 36-317). Procedure in case of failure to comply with cease and desist order or insolvency. If it at any time appears to the commissioner that any corporation so licensed has failed to comply with a cease and desist order issued by the commissioner or is insolvent or likely to become insolvent, the commissioner may revoke such license in accordance with section 36a-51 and apply to the superior court for the judicial district of Hartford or the judicial district in which such corporation is located for an injunction restraining such corporation from continuing to receive property in trust and restraining it from administering any and all trusts including such as may be then in force and effect, and for an order appointing some suitable person to succeed such corporation as trustee of any trust property then in its possession or in or to which it has any right, title, interest or claim, or for any other or further order as appears to the court as necessary or advisable to protect and secure the interests of the beneficiaries of any such trust property. The court, after reasonable notice to such corporation and hearing thereon, may issue such injunction or other order or grant such other equitable relief as the facts may warrant and, pending such hearing, the court may issue such temporary injunction or restraining order as the court deems equitable.

      (1949 Rev., S. 6021; P.A. 78-280, S. 2, 127; P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 91-357, S. 55, 78; P.A. 93-142, S. 4, 7, 8; P.A. 94-122, S. 177, 340; P.A. 95-220, S. 4-6.)

      History: P.A. 78-280 substituted reference to judicial districts for reference to counties; P.A. 91-357 deleted obsolete language re judge of the superior court and made a technical change; P.A. 94-122 deleted the cease and desist provisions moved to Sec. 36a-52, allowed the commissioner to apply for enforcement orders to the Hartford-New Britain superior court and made technical changes, effective January 1, 1995 (Revisor's note: P.A. 88-230, P.A. 90-98 and P.A. 93-142 authorized substitution of "judicial district of Hartford" for "judicial district of Hartford-New Britain" in public and special acts of the 1994 regular and special sessions, effective September 1, 1996); Sec. 36-317 transferred to Sec. 36a-383 in 1995; P.A. 95-220 changed the effective date of P.A. 88-230 from September 1, 1996, to September 1, 1998, effective July 1, 1995.

      See Sec. 36a-52 re cease and desist orders.