§ 23-51-134 — Acquisition of control

(a) Except as expressly otherwise permitted, a person may not without the prior written approval of the Bank Commissioner directly or indirectly acquire control of a state trust company through a change in a legal or beneficial interest in voting securities of a state trust company or a corporation or other entity owning voting securities of a state trust company. (b) This chapter does not prohibit a person from negotiating to acquire, but not acquiring, control of a state trust company or a person that controls a state trust company. (c) This section does not apply to: (1) The acquisition of securities in connection with the exercise of a security interest or otherwise in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the commissioner before the person votes the securities acquired; (2) The acquisition of voting securities in any class or series by a controlling person who has previously complied with and received approval under this chapter or who was identified as a controlling person in a prior application filed with and approved by the commissioner; (3) An acquisition or transfer by operation of law, will, or intestate succession if the acquiring person files written notice of acquisition with the commissioner before the person votes the securities acquired; (4) A transaction exempted by the commissioner by rule or order because the transaction is not within the purposes of this chapter or the rule of which is not necessary or appropriate to achieve the objectives of this chapter.

Legislative History

Amended by Act 2019, No. 315,§ 2589, eff. 7/24/2019. Acts 1997, No. 940, § 34.