§ 45-48-40 — Branch Banking Authorized

(a) Any bank, incorporated under the laws of this state and having a banking office in Marshall County, and any national bank having a combined paid in capital and earned surplus of at least two hundred thousand dollars ($200,000), shall have the power to establish, maintain, and operate within the limits of such county, one or more branches or branch banks, and to conduct all types of banking and trust business at such branch or branch bank as such bank is lawfully authorized to conduct at its principal office; provided that no branch may be established within the city limits of any incorporated municipality having a population of 5,000 or less in accord with the present or any subsequent federal decennial census and in which a bank is already established; and further provided that any such branch or branch bank lawfully established under this section may continue to operate if the population of the incorporated municipality in which it is located subsequent- ly shall be 5,000 or less; and further provided that any such bank before the establishment of any such branch or branch office shall first secure the written consent of the State Superintendent of Banks. There shall be no further limitation on the establishment, maintenance, or operation of such branches within incorporated municipalities within the county or other than those applying to the establishment, maintenance, or operation of branches and branch banks generally.
(b) All branches and branch banks established and operating under the authority of Act 303, 1973 Regular Session (Acts 1973, p. 436), on September 1, 1988, are hereby validated.

Legislative History

(Act 88-579, p. 904, §§ 2, 3.)