§412:5-404 Termination of authority of intra-Pacific bank. The authority of any intra-Pacific bank to engage in the business of a bank in this State pursuant to this part shall automatically terminate at such time as it no longer meets the definition of an intra-Pacific bank under section 412:5-400. In such case it shall:
(1) Immediately notify the commissioner of that circumstance;
(2) Cease accepting deposits in this State, and cease making loans and investments in this State;
(3) Within thirty days, adopt a plan for the orderly liquidation of its assets, or its orderly divestiture pursuant to this chapter, and submit such plan to the commissioner; and
(4) Take such other measures and actions as shall be directed by the commissioner. [L 1993, c 350, pt of §1]
Section: Previous 412-5-304 412-5-305 412-5-306 412-5-400 412-5-401 412-5-402 412-5-403 412-5-404 412-5-405 412-5-406 412-5-407 412-5a-100 412-5a-200 412-5a-201 412-5a-202 NextLast modified: October 27, 2016