6-1101. Definitions In this chapter, unless the context otherwise requires: 1. " Acquisition of control" means a transaction by which a person obtains, directly or indirectly, control of a financial institution. 2. " Application" means an application which is made pursuant to this article for approval of the deputy director to become a financial institution […]
6-1102. Prohibitions A person shall not directly or indirectly take any action that causes or results in a company becoming a financial institution holding company, except with the approval of the deputy director pursuant to this article or as otherwise allowed by this article.
6-1103. Exempt persons and transactions A. This article does not apply to the following persons or transactions of the type specified: 1. A registered dealer who acts as an underwriter or member of a selling group in a public offering of the voting securities of a financial institution or controlling person. 2. A person who […]
6-1104. Acquisition of control; approval by deputy director A. A person shall not, directly or indirectly, make a tender offer for, request or invite a tender offer for, offer to exchange securities for or acquire in the open market or otherwise any voting security or any security convertible into a voting security of a financial […]
6-1105. Application for approval A. An application shall be in writing, in such form as the deputy director may prescribe and accompanied by the information, data and records the deputy director requires. The deputy director shall prescribe by rule or order the form of the application and the information, data or records that may be […]
6-1106. Material change of fact; filing amended statements If any material change occurs in the facts set forth in the application, or if for any other reason the acquiring party desires to amend the application, the person shall file with the deputy director an amendment setting forth the change, together with copies of all documents […]
6-1107. Denial of application; grounds A. The deputy director may deny an application if the deputy director finds any of the following: 1. The financial condition of the financial institution holding company that would acquire control will jeopardize the financial stability of the financial institution or controlling person or prejudice the interests of the depositors, […]
6-1108. Failure to act on application as approval An application that is not denied or approved by the deputy director within sixty days after the application is filed with the deputy director is deemed to be approved by the deputy director as of the first day after the period. The deputy director and the applicant […]
6-1109. Determination of control of one person by another; hearing; notice Before determining whether a person controls another person or before denying or approving an application for approval to become a financial institution holding company the deputy director may hold a hearing. The deputy director shall give notice of the hearing to the applicant, the […]
6-1110. Appointment of deputy director as agent for service of process; forwarding of process; consent to jurisdiction A person who is not a resident of this state, domiciled in this state or authorized to do business in this state and who files an application is deemed to have: 1. Consented to the jurisdiction of the […]
6-1112. Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction A. With respect to any voting security acquired in violation of this article or any rule or order of the deputy director, a person is not entitled to vote or give a written proxy or consent for a period of […]
6-1113. Reports; examination; costs A. The deputy director may require reports from and examine financial institution holding companies and each subsidiary of the holding companies. The deputy director shall accept the examination and financial reports of the appropriate federal or state holding company regulatory authority in lieu of any examination or financial report authorized or […]
