Formation of bank holding company: Approval by Commissioner; limitation; application for approval; acceptance of federal registration.
1. Except as otherwise provided in subsection 4, a person who desires to form a bank holding company after July 1, 1983, must be approved by the Commissioner before forming the company. A bank holding company may not be organized as a limited-liability company.
2. The application for approval must include such information with respect to the financial condition, operations, management and intercompany relationships of the applicant and related matters, as the Commissioner may deem necessary or appropriate.
3. The Commissioner shall approve the application if he determines that the applicant or its officers, directors and stockholders are of such character and fitness that any bank acquired by the applicant will be operated in a safe, prudent and profitable manner.
4. The Commissioner may accept copies of federal registration in lieu of requiring an application for approval of a bank holding company.
Last modified: February 26, 2006