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725
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HARRY HUGHES, Governor
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(3) THE FINANCIAL HISTORY AND FUTURE PROSPECTS OF THE
OUT OF STATE BANK HOLDING COMPANY OR ITS SUBSIDIARY; AND
(4) WHETHER THE ACQUISITION OR HOLDING MAY RESULT IN
AN UNDUE CONCENTRATION OF RESOURCES OR SUBSTANTIAL REDUCTION OF
COMPETITION IN THIS STATE.
5-905.
AN OUT OF STATE BANK HOLDING COMPANY THAT DIRECTLY OR
INDIRECTLY THROUGH ANY SUBSIDIARY ACQUIRES VOTING STOCK OF A BANK
UNDER THIS SUBTITLE SHALL FILE WITH THE COMMISSIONER COPIES OF
ALL REGULAR AND PERIODIC REPORTS WHICH THE BANK HOLDING COMPANY
IS REQUIRED TO FILE UNDER SECTION 13 OR SECTION 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, BUT EXCLUDING
ANY PORTIONS NOT REQUIRED TO BE MADE AVAILABLE TO THE PUBLIC.
5-906.
THE COMMISSIONER MAY ADOPT RULES AND REGULATIONS AND ISSUE
ORDERS UNDER THIS SUBTITLE FOR THE FOLLOWING PURPOSES:
(A) TO PRESCRIBE INFORMATION OR FORMS REQUIRED IN
CONNECTION WITH AN APPLICATION MADE UNDER SECTION 5-904;
(B) TO ESTABLISH PROCEDURES RELATING TO APPROVALS UNDER
SECTION 5-904(B) AND THE FILING OF REQUIRED REPORTS UNDER SECTION
5-905; AND
(C) TO ISSUE ORDERS UNDER SECTION 5-907 AND ESTABLISH
PROCEDURES GOVERNING THE ISSUING OF ORDERS.
5-907.
(A) UPON THE BANKING COMMISSIONER'S DETERMINATION THAT ANY
OUT OF STATE BANK HOLDING COMPANY OR ITS SUBSIDIARY IS HOLDING
STOCK IN A BANK LOCATED IN THIS STATE IN VIOLATION OF THE
CONDITIONS SET FORTH IN SECTION 5-903 OR OF ITS AGREEMENT UNDER
SECTION 5-904(A) OF THIS SUBTITLE, THE COMMISSIONER MAY SHALL
ORDER THE OUT OF STATE HOLDING COMPANY OR SUBSIDIARY TO TAKE
STEPS TO REMEDY THE VIOLATION WITHIN A SPECIFIED PERIOD OF TIME.
(B) AFTER THE DATE FIXED FOR COMPLIANCE BY ANY ORDER ISSUED
UNDER SUBPARAGRAPH (A) OF THIS SECTION, THE COMMISSIONER MAY
SHALL ORDER AN OUT OF STATE BANK HOLDING COMPANY OR ITS
SUBSIDIARY TO DIVEST ANY SHARES OF A BANK ACQUIRED UNDER THIS
SUBTITLE AFTER THE COMMISSIONER'S DETERMINATION THAT A HOLDING
COMPANY OR ITS SUBSIDIARY CONTINUES TO OWN SHARES OF STOCK IN A
BANK LOCATED IN THIS STATE IN VIOLATION OF SECTION 5-903 OR OF
ITS AGREEMENT UNDER SECTION 5-904(A) OF THIS SUBTITLE.
(C) AN OUT OF STATE BANK HOLDING COMPANY OR ITS SUBSIDIARY
THEREOF SHALL DIVEST ANY SHARES OF A BANK THAT IT HAS ACQUIRED
UNDER THIS SUBTITLE WITHIN 2 YEARS OF THE DATE AN ORDER ISSUED
UNDER SUBPARAGRAPH (B) OF THIS SECTION BECOMES FINAL. THE
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![clear space](../../../images/clear.gif) |