HARRY HUGHES, Governor

4053

(A) THE SAVINGS BANK SHALL;

(1) FILE WITH THE BANK COMMISSIONER FOR EXAMINATION
THE APPLICATION FOR APPROVAL OF REORGANIZATION; AND

(2) AT THE TIME OF FILING OF AN APPLICATION FOR
APPROVAL OF REORGANIZATION, PAY TO THE BANK COMMISSIONER A FEE OF
$1,500.

(B) THE BANK COMMISSIONER SHALL INVESTIGATE THE PROPOSED
ARTICLES OF INCORPORATION OF THE SUBSIDIARY SAVINGS BANK AND
DETERMINE IF:

(1) THE ARTICLES ARE FRAMED IN ACCORDANCE WITH LAW;

(2) THE CHARACTER, RESPONSIBILITY, AND GENERAL
FITNESS OF THE INCORPORATORS AND DIRECTORS NAMED IN THE ARTICLES
COMMAND CONFIDENCE AND WARRANT BELIEF THAT THE BUSINESS OF THE
PROPOSED SUBSIDIARY SAVINGS BANK WILL BE CONDUCTED HONESTLY AND
EFFICIENTLY IN ACCORDANCE WITH THE INTENT OF THIS ARTICLE; AND

(3) ALLOWING THE PROPOSED SUBSIDIARY SAVINGS BANK TO
ENGAGE IN BUSINESS:

(I) WILL PROMOTE PUBLIC CONVENIENCE AND
ADVANTAGE; AND

(II) IS EXPEDIENT AND DESIRABLE.

(C) AFTER INVESTIGATING THE PROPOSED ARTICLES OF
INCORPORATION OF THE SUBSIDIARY SAVINGS BANK, THE BANK
COMMISSIONER MAY REQUIRE ANY CHANGE IN THE ARTICLES OF
INCORPORATION THAT THE BANK COMMISSIONER CONSIDERS NECESSARY.

(D) AS TO THE PROPOSED ARTICLES OF INCORPORATION OF THE
SUBSIDIARY SAVINGS BANK:

(1) WITHIN 3 MONTHS AFTER THE APPLICATION IS FILED
FOR EXAMINATION, THE BANK COMMISSIONER, AFTER RECEIVING THE
ADVICE OF THE BANKING BOARD, SHALL SIGN, DATE, AND ENDORSE EACH
COPY OF THE ARTICLES OF INCORPORATION AS "APPROVED" OR "REFUSED".

(2) IF FORMATION OF THE SUBSIDIARY SAVINGS BANK IS
REFUSED, THE BANK COMMISSIONER SHALL RETURN ONE OF THE ENDORSED
COPIES OF THE ARTICLES OF INCORPORATION TO THE INCORPORATORS.

(3) IF FORMATION OF THE SUBSIDIARY SAVINGS BANK IS
APPROVED, THE BANK COMMISSIONER SHALL:

(I) RETURN ONE OF THE ENDORSED COPIES OF THE
ARTICLES OF INCORPORATION TO THE INCORPORATORS; AND

(II) KEEP AND RECORD ONE OF THE ENDORSED
COPIES.