§ 23-48-1010 — Procedure for and effect of revocation

(a) If the Bank Commissioner determines that one (1) or more grounds exist under § 23-48-1009 for revocation of a certificate of authority, he or she shall serve the out-of-state bank with written notice of his or her determination under § 23-48-1007 . (b) (1) If an out-of-state bank does not correct each ground for revocation or demonstrate to the reasonable satisfaction of the commissioner that each ground determined by the commissioner does not exist within thirty (30) days after service of the notice is perfected under § 23-48-1007 , the commissioner may revoke the out-of-state bank's certificate of authority by signing a certificate of revocation that recites the ground or grounds for revocation and its effective date. (2) The commissioner shall file the original of the certificate and serve a copy on the out-of-state bank under § 23-48-1007 . (c) The authority of an out-of-state bank to transact business in this state ceases on the date shown on the certificate revoking its certificate of authority. (d) (1) The commissioner's revocation of an out-of-state bank's certificate of authority appoints the commissioner the out-of-state bank's agent for service of process in any proceeding based on a cause of action which arose during the time the out-of-state bank was authorized to transact business in this state. Service of process on the commissioner under this subsection is service on the out-of-state bank. (2) Upon receipt of process, the commissioner shall mail a copy of the process to the secretary or cashier of the out-of-state bank at its principal office shown in its most recent annual franchise tax report or in any subsequent communication received from the bank stating the current mailing address of its principal office, or, if none are on file, in its application for a certificate of authority. (e) Revocation of an out-of-state bank's certificate of authority does not terminate the authority of the registered agent of the bank.

Legislative History

Acts 1997, No. 408, § 20.