(1) A stock association, unless it has the prior approval of the Director of the Department of Consumer and Business Services, shall not:
(a) Sell or transfer to any person stock of the association that equals or exceeds 10 percent of the total number of outstanding shares; or
(b) Sell or transfer to any person through one or more transactions any number of shares of stock adequate to give such person ownership or control of 10 percent or more of the outstanding shares of the association.
(2) No person shall acquire, through one or more transactions, shares of stock sufficient to give such person ownership or control, directly or indirectly, of record or beneficially, of 10 percent or more of the outstanding shares of the association, without prior approval of the director.
(3) Subsections (1) and (2) of this section also apply:
(a) When a sale or transfer of stock to a person increases the stock over which the person has ownership or control from less than 25 percent to 25 percent or more of the outstanding shares; or
(b) When a sale or transfer of stock to a person increases the stock over which the person has ownership or control from less than 50 percent to 50 percent or more of the outstanding shares.
(4) As used in this section, “control” means having the power, whether directly or indirectly and whether individually or in concert with one or more other persons, to cause action to be taken regarding voting or other incidents of ownership of the stock.
(5) The director shall disapprove a sale, transfer or acquisition if the director finds that the character, financial responsibility, experience and fitness of the person who would acquire control indicates that approval would not be in the interest of the account holders, borrowers or stockholders of the association or in the public interest.
(6) If a sale, transfer or acquisition described by subsection (1), (2) or (3) of this section is made without the prior approval of the director, the director may order the association to set aside or revoke the sale, transfer or acquisition, or may order the person to dispose of the shares or take such other action as is deemed appropriate. [1975 c.582 §68; 1979 c.863 §3; 1981 c.472 §9]
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