§ 19-8-1. Definitions. For the purposes of this chapter the terms: (1) “Control” shall have the meaning set forth in the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq. (2) “Regulated institution” shall also include a Rhode Island bank-holding company. History of Section.P.L. 1995, ch. 82, § 46.
§ 19-8-2. Application to director or the director’s designee. Any person who, acting directly or indirectly or through or in concert with one or more other persons, acquires control of any financial institution through purchase, assignment, transfer, pledge or other disposition of voting stock of a financial institution shall make application to the director, or […]
§ 19-8-3. Review of application. Upon receiving an application, the director, or the director’s designee, shall: (1) Conduct an investigation of the competence, experience, integrity, and financial ability of each person by whom the acquisition is to be made; and (2) Make an independent determination of the accuracy and completeness of any information prescribed. History […]
§ 19-8-4. Contents of application. Except as otherwise provided, an application filed pursuant to this section shall contain the following information: (1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including the person’s material business activities and affiliations during the […]
§ 19-8-5. Issuance or denial of application. The director, or the director’s designee, may disapprove any proposed acquisition if: (1) The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the business of banking; (2) The effect of the […]
§ 19-8-6. Notice of change in control. Whenever a change in control occurs, each regulated institution shall report promptly to the appropriate banking regulator any change or replacement of its chief executive officer or any directors occurring in the next twelve-month (12) period. The report shall contain a statement of the past and current business […]
§ 19-8-7. Waiver of application and hearing process in the public interest. The application process and public hearing requirement may be waived by the director, or the director’s designee, in writing, when, in the public interest, the change in control results from any regulatory action in order to prevent a probable failure or default of […]
§ 19-8-8. Rules and regulations. The director, or the director’s designee, may adopt reasonable rules and regulations for the implementation and administration of this chapter. History of Section.P.L. 1995, ch. 82, § 46.
§ 19-8-9. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
