|
HARRY HUGHES, Governor 4095
hold NOW accounts only to the extent that and on
the same conditions that the association offers
such accounts to all depositors. However,
officers, directors, controlling persons, members
of their immediate families and corporations,
businesses or other entities in which an interest
of 10% or more is owned by such persons shall not
be permitted overdraft privileges.
.52 Change of Control.
A. (1) Unless a transaction is exempt hereunder, 60
days' prior written notice to the Director is
required whenever any change occurs in the control
of a mutual association or whenever any person or
persons acting in concert, through a purchase,
assignment, transfer, pledge, or other disposition
of voting stock, will acquire the power, directly
or indirectly:
(i) To control any association; or
(ii) To vote 10 percent or more of any class of
voting securities of an association.
"Control" means the power, directly or
indirectly, to direct the management of
policies of an association.
(2) Sixty days prior written notice to the
Director is also required whenever any
association, parent, subsidiary or
affiliate effects a consolidation, merger,
transfer of assets, statutory merger,
reorganization, partial liquidation or
dissolution. Notice shall be effected by
providing to the Director the proposed plan
of the respective action and such
additional information as required by
subparagraph D below.
B. Notice is not required for receipt of pro rata
stock dividends or any other transaction which the
Director so determines.
C. Prior notice is not required if a person would
obtain control as a result of an acquisition
through testate or intestate succession or bona
fide gift, as long as the acquiring party advises
the Director in writing within thirty (30) days of
the acquisition and provides such information as
the Director may require.
D. A notice required herein shall not be deemed
sufficient unless it includes all of the
information required by the form prescribed by the
|
