Section 5-7A-1 Banks may merge or consolidate; transfer of place of business. Any bank may consolidate or merge with or transfer its assets and liabilities to another bank and any bank may move its office or place of business from one city or town to another city or town within the state. (Acts 1980, No. […]
Section 5-7A-2 Proceedings to effect consolidation, merger or transfer. Before such consolidation, merger or transfer shall become effective, the following proceedings must be had and done. The board of directors of each bank affected must pass a resolution stating that such consolidation, merger or transfer is desirable and order the officers of the bank to […]
Section 5-7A-3 Certificate of proceedings to be forwarded to Superintendent of Banks. A certificate of all the proceedings, including a copy of the pertinent portion of the minutes of the meeting of the board of directors at which the resolution under Section 5-7A-2 was passed, the notice which was given to each stockholder and a […]
Section 5-7A-4 Issuance of certificate of approval by superintendent. If the superintendent approves the entire proceedings, he shall issue his certificate of approval in writing, in duplicate, one copy being filed in his office and the other forwarded, along with the certificate, to the official or officials where articles of merger or consolidation would be […]
Section 5-7A-5 Examinations; written consent of superintendent to consolidation. Before approving proceedings to consolidate one such institution with another, the superintendent shall cause to be made an examination of each such institution to determine whether the interests of the depositors, creditors and stockholders of each are protected and that such consolidation is made for legitimate […]
Section 5-7A-6 Appeals; applicability of article to branch banks, etc. If such consent is refused, an appeal may be taken therefrom to the circuit court of the county where such institution is located. This article shall apply to banks having branches and to any branch office thereof in the same way as it applies to […]
