(a) The department may require a state bank, either at the time the bank applies for a certificate of authority or during the bank's existence, to become a member of the Federal Deposit Insurance Corporation.
(b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.
(c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of membership, or failure to become a member after the department directs the bank to become a member constitutes cause for the department to take possession of the bank in the manner provided by this chapter.
Section: Previous 06.05.330 06.05.335 06.05.340 06.05.342 06.05.344 06.05.345 06.05.350 06.05.355 06.05.360 06.05.365 06.05.367 06.05.370 06.05.380 06.05.385 06.05.390 NextLast modified: November 15, 2016