§ 6-147 — Denial of application; grounds

A. With respect to the proposed acquisition of control of a bank, trust company, savings and loan association or controlling person, an application shall be denied if the deputy director finds any of the following:

1. That the financial condition of any person who would acquire control is such as may jeopardize the financial stability of the bank, trust company or savings and loan association, or prejudice the interests of the depositors, beneficiaries, creditors and shareholders of the bank, trust company or savings and loan association.

2. That a plan or proposal to liquidate the bank, trust company or savings and loan association, to merge or consolidate the bank, trust company or savings and loan association or to make any other major change in the business, corporate structure or management of the bank, trust company or savings and loan association is not fair and reasonable to the depositors, beneficiaries, creditors or shareholders of the bank, trust company or savings and loan association.

3. That the applicant neglects, fails or refuses to furnish to the deputy director any information required by the deputy director.

4. That the proposed acquisition is contrary to law.

B. The deputy director, in approving a proposal to acquire control of a bank, trust company or savings and loan association, may impose such conditions as the deputy director deems reasonable, necessary or advisable in the public interest.