26-501. DEFINITIONS. As used in this chapter, unless the context otherwise requires: (1) "Bank" shall mean any bank chartered under this act. (2) "Company" shall mean any corporation, business trust, association, or similar organization but shall not include: (a) An individual; or (b) Any corporation the majority of shares of which are owned by the […]
26-502. APPROVAL OF BANK HOLDING COMPANY. Every bank holding company hereafter formed shall register with the department of finance and receive the approval of the director to become a bank holding company. The director shall approve an application to form a bank holding company if he finds that the persons who are officers, directors or […]
26-503. APPROVAL TO ACQUIRE A BANK — REQUIREMENTS — APPROVAL TO COMMENCE ACTION OR ACQUIRE A COMPANY. (1) A bank holding company shall apply to the department of finance and receive the approval of the department of finance prior to acquiring a bank. The application shall include such information with respect to the financial condition […]
26-505. DIRECTOR OF FINANCE — REPORTS — REQUIREMENTS. The director may require reports made under oath to be filed in the department of finance to keep it informed as to the operation of any bank holding company. The director may make examinations of each bank holding company and each subsidiary thereof under the provisions of […]
26-506. CHANGE IN CONTROL. All transfers of a major portion of the outstanding stock or trust certificates of a bank holding company by sale, gift, or otherwise shall be approved by the director prior to such transfer. For the purposes of this section, a major portion of the outstanding stock or trust certificates of a […]
26-507. VIOLATION — PENALTY. Any person who willfully violates any provision of this chapter shall be guilty of a felony. History: [26-507, added 1979, ch. 41, sec. 2, p. 83.]
