§ 23-51-151 — Merger application

(a) The original articles of merger, a number of copies of the articles of merger equal to the number of surviving, new, and acquiring entities, and an application in the form required by the Bank Commissioner must be filed with the commissioner. The commissioner shall investigate the condition of the merging parties. The commissioner may require the submission of additional information as considered necessary to an informed decision. (b) The commissioner may approve the merger if: (1) Each resulting state trust company will be solvent and have adequate capitalization for its business and location; (2) Each resulting state trust company has in all respects complied with the statutes and rules relative to the organization of a state trust company; (3) All fiduciary obligations and liabilities of each state trust company that is a party to the merger have been properly discharged or otherwise lawfully assumed or retained by a state trust company or other fiduciary; (4) Each surviving, new, or acquiring person that is not authorized to engage in the trust business will not engage in the trust business and has in all respects complied with the laws of this state; and (5) All conditions imposed by the commissioner have been satisfied or otherwise resolved.

Legislative History

Amended by Act 2019, No. 315,§ 2596, eff. 7/24/2019. Acts 1997, No. 940, § 51.