TITLE 26

BANKS AND BANKING

CHAPTER 34

TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES

26-3407.  Notice of subsequent merger, transfer, or closing. Each out-of-state trust institution that maintains an office in this state pursuant to this act, or the home state regulator of such trust institution, shall give at least thirty (30) days’ prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the director of:

(1)  Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal change in bank control act of 1978, as amended, 12 U.S.C. 1817(j), or the federal bank holding company act of 1956, as amended, 12 U.S.C. 1841 et seq., or any successor statutes thereto;

(2)  Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or

(3)  The closing or disposition of any office in this state.

History:

[26-3407, added 2000, ch. 288, sec. 10, p. 984.]