§ 7-9-5.3. Merchant Acquirer Limited Purpose Bank

A merchant acquirer limited purpose bank shall maintain a chief executive officer, chief information officer, chief risk officer, and such other officers the department may require by rule or regulation. A person may hold more than one office; provided, however, that no person shall serve as both chief executive officer and chief risk officer. Except […]

§ 7-9-5.4. Oath of Office; Administration of Affairs

Prior to assuming office, each director shall take an oath or affirmation that he or she will diligently and honestly perform his or her duties in the administration of the affairs of the merchant acquirer limited purpose bank; he or she will not permit a willful violation of law by the merchant acquirer limited purpose […]

§ 7-9-6. Information to Be Included on Charter Application

An application to the department to charter a merchant acquirer limited purpose bank shall include: Any information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department; A certificate of the Secretary of State showing that the proposed name of the merchant […]

§ 7-9-7. Investigation; Approval or Disapproval of Charter Application; “Conviction Data” Defined; Background Checks; Impact of Disapproval

Upon receipt of the articles of incorporation and the filings and fees from the applicant as required under this chapter, the department shall conduct such investigation as it may deem necessary to ascertain whether it should approve the proposed merchant acquirer limited purpose bank. The department shall approve the charter of a merchant acquirer limited […]

§ 7-9-8. Issuance of Certificate of Incorporation by Secretary of State

The Secretary of State shall immediately issue a certificate of incorporation to a proposed merchant acquirer limited purpose bank upon submission of: Written approval of the articles of incorporation by the department with a copy attached; An affidavit executed by the duly authorized agent or publisher of a newspaper swearing that the articles of incorporation […]

§ 7-9-9. Corporate Existence; Shareholders; Authority to Regulate and Supervise Sale of Shares; Legal Effect of Incorporation Certificate; When Business May Begin

The corporate existence of the merchant acquirer limited purpose bank shall begin upon the issuance of a certificate of incorporation by the Secretary of State. Those persons who subscribed for shares prior to filing of the articles, or their assignees, shall be shareholders in the merchant acquirer limited purpose bank. The department shall have full […]