Any two or more financial institutions or other entities organized under the laws of any Territory, or state of the United States, may merge or consolidate into one sole entity which may be any of the merged or consolidated financial institutions. Such merger or consolidation shall be effected under the conditions and restrictions, and with […]
Financial institutions or other entities intending to merge or consolidate may enter into an agreement for merger or consolidation of said, financial institutions, in which agreement they shall establish the terms and conditions of such merger or consolidation; the manner of carrying it out; the name of the new financial institution (in case one is […]
The aforesaid agreement shall be submitted separately for consideration to the stockholders of each of the merging or consolidating financial institutions, at a meeting called for the purpose. A written notice shall be sent to the post-office address of each stockholder, not less than twenty days prior to the date fixed for the meeting. Said […]
In making its determination, the Banking Board shall consider, among other factors, the public interest. If the board does not approve the merger or consolidation it shall, within ten (10) days of making such decision not to approve, serve notice of its determination on the applicant(s) by registered mail. If the Banking Board approves said […]
Once the aforesaid merger or consolidation agreement has been entered into, perfected and filed in the Office of the Lieutenant Governor, the banks or bank holding companies involved shall be considered as one sole entity under the name provided in the agreement (in case a new entity is created), or under the name of the […]
If any stockholder not voting in favor of said merger or consolidation agreement records his opposition to such merger or consolidation at the time of the meeting, or within twenty days thereafter, and demands payment of his shares, and if such merger or consolidation is carried out, in such case said stockholder may, within sixty […]
When a merger or consolidation is made under the provisions of this title, each and all the property, shares, rights, franchises, powers and privileges of the merged or consolidated financial institutions shall become the property of the consolidated or of the newly organized financial institution, without need of executing any instrument or document of conveyance, […]
The obligations of the merged or consolidated financial institutions and the rights of the creditors of any of them shall in no case be prejudiced or impaired in any way by such merger or consolidation, and none of the rights, obligations and claims of any person, creditor, depositories and trustees, shall be affected by such […]
