§ 23-51-183 — Notice of subsequent merger, closing, etc

Each out-of-state trust institution that maintains an office in this state pursuant to this chapter, or the home state regulator of such a trust institution, shall give at least thirty (30) days prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Bank Commissioner of: (1) Any merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state trust institution or any bank holding company that controls the trust institution, with the result that an application would be required to be filed pursuant to the Change in Bank Control Act of 1978, as amended, 12 U.S.C. § 1817(j) , or the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or any successor statutes thereto; (2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or (3) The closing or disposition of any office in this state.

Legislative History

Acts 1997, No. 940, § 83.