§412:5-405 Termination of authority of intra-Pacific bank holding company. (a) A financial institution holding company ceases to be an intra-Pacific bank holding company at such time as it no longer meets the definition of an intra-Pacific bank holding company under section 412:5-400.
(b) A financial institution holding company which loses its status as an intra-Pacific bank holding company shall immediately divest itself of its direct or indirect control of any financial institution subsidiary chartered or approved by this State. Failure to accomplish such divestiture within thirty days after termination of its intra-Pacific bank holding company status shall be grounds for the suspension or revocation of the financial institution subsidiary's charter or approval. [L 1993, c 350, pt of §1]
Section: Previous 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-202 412-5a-203 NextLast modified: October 27, 2016