Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 81 |
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Q) An examination of the character. competence or experience of any
acquiring person or of any of the proposed management personnel of
the holding company shows that it would not be in the interest of the
customers of one or more of the bank subsidiaries of the holding
company or in the interest of the public to permit the person to control
the holding company.
(3) The plans or proposals of the person seeking approval with respect to
exercising confol over the holding company would not be in the best
interests of the customers of one or more bank subsidiaries of the
holding company.
g\ Upon the effective date of the proposed control transaction. one or
more of the bank subsidiaries of the holding company would not be
solvent. have inadequate capital. or not be in compliance with this
Chapter or rules of the Commissioner.
(!) The application for approval is incomplete.
(6) If the acquiring person solicits votes for the approval of or consents to
the conffol transaction from the holders of the voting securities of the
holding company. adequate and complete disclosures of all material
information about the proposed conffol transaction. together with a
prominent statement that neither the control transaction nor any
solicitation of such holders' votes or consents has been approved by
the Commissioner and that any representation to the contrary is a
23 criminal offense. have not been made to the holders.
24 G) If an application filed under this Part is approved by the Commissioner. the
25 control transaction may become effective. A11 conditions to approval set forth in the
26 order of the Commissioner shall be enforceable against the person. and each member of
27 a group of persons. receiving the approval.
28 "@
29 Any order of the Commissioner denying an application for approval of a conffol
30 transaction may be appealed to the Commission by the person filing the application
3I denied as provided in G.S. 53-2-6.
32 Part 2. Combinations
33"
34 With the approval of the Commissioner. a holding company of a bank may combine
35 with one or more other holding companies or other companies. The application for
36 approval shall be in the form required by the Commissioner and shall be accompanied
37 by such fee as may be required by rule.
39"
39 (d A holding company of a bank seeking approval of a combination shall file
40 with the Co9mmissioner an application for approval. copies of the agreement under
4l which the holdine company proposes to effect the combination. and any additional
42 information which the Commissioner shall require by rule or as is required by the
43 Commissioner in connection with the application in order to achieve the objectives of
44 this chapter.
Joint Legislative Stady Commission on the Modemization of North Carolina Banking Inws
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(2011) Page 81
Object Description
Description
| Title | Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 81 |
| Full Text | 1 2 aJ 4 Q) An examination of the character. competence or experience of any acquiring person or of any of the proposed management personnel of the holding company shows that it would not be in the interest of the customers of one or more of the bank subsidiaries of the holding company or in the interest of the public to permit the person to control the holding company. (3) The plans or proposals of the person seeking approval with respect to exercising confol over the holding company would not be in the best interests of the customers of one or more bank subsidiaries of the holding company. g\ Upon the effective date of the proposed control transaction. one or more of the bank subsidiaries of the holding company would not be solvent. have inadequate capital. or not be in compliance with this Chapter or rules of the Commissioner. (!) The application for approval is incomplete. (6) If the acquiring person solicits votes for the approval of or consents to the conffol transaction from the holders of the voting securities of the holding company. adequate and complete disclosures of all material information about the proposed conffol transaction. together with a prominent statement that neither the control transaction nor any solicitation of such holders' votes or consents has been approved by the Commissioner and that any representation to the contrary is a 23 criminal offense. have not been made to the holders. 24 G) If an application filed under this Part is approved by the Commissioner. the 25 control transaction may become effective. A11 conditions to approval set forth in the 26 order of the Commissioner shall be enforceable against the person. and each member of 27 a group of persons. receiving the approval. 28 "@ 29 Any order of the Commissioner denying an application for approval of a conffol 30 transaction may be appealed to the Commission by the person filing the application 3I denied as provided in G.S. 53-2-6. 32 Part 2. Combinations 33" 34 With the approval of the Commissioner. a holding company of a bank may combine 35 with one or more other holding companies or other companies. The application for 36 approval shall be in the form required by the Commissioner and shall be accompanied 37 by such fee as may be required by rule. 39" 39 (d A holding company of a bank seeking approval of a combination shall file 40 with the Co9mmissioner an application for approval. copies of the agreement under 4l which the holdine company proposes to effect the combination. and any additional 42 information which the Commissioner shall require by rule or as is required by the 43 Commissioner in connection with the application in order to achieve the objectives of 44 this chapter. Joint Legislative Stady Commission on the Modemization of North Carolina Banking Inws 5 6 7 8 9 10 11 T2 13 t4 15 I6 t7 18 t9 20 2l 22 (2011) Page 81 |
