Colorado § 11-103-703 Approval by banking board

Colorado Statutes

§ 11-103-703 — Approval by banking board

Colorado·Title 11 Financial·Art. Organization and

(1)After approval by the board of directors of each constituent bank, the merger agreement shall be submitted to the banking board for approval, together with certified copies of the authorizing resolutions of the several boards of directors showing approval by a majority of the entire board and evidence of proper action by the board of directors of any constituent national bank or bank chartered by another state.

(2)Without approval by the banking board, no asset shall be carried on the books of the resulting bank at a valuation higher than that on the books of the constituent bank at the time of the last examination by a state or national bank examiner before the effective date of the merger.

(3)Within thirty days after receipt by the banking board of the papers specified i

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(1) After approval by the board of
directors of each constituent bank, the merger agreement shall be submitted to the
banking board for approval, together with certified copies of the authorizing
resolutions of the several boards of directors showing approval by a majority of the
entire board and evidence of proper action by the board of directors of any
constituent national bank or bank chartered by another state.

(2) Without approval by the banking board, no asset shall be carried on the
books of the resulting bank at a valuation higher than that on the books of the
constituent bank at the time of the last examination by a state or national bank
examiner before the effective date of the merger.

(3) Within thirty days after receipt by the banking board of the papers
specified in subsection (1) of this section, the banking board shall approve or
disapprove the merger agreement. The banking board shall approve the agreement
if it appears that:

(a) The resulting state bank meets all the requirements of state law as to the
formation of a new state bank or conversion of an existing bank;

(b) The agreement provides for adequate capital as established by the
banking board in its rules;

(c) The agreement is fair;

(d) The merger is not contrary to the public interest.

(4) If the banking board disapproves an agreement, it shall state its
objections and give an opportunity to the constituent banks to amend the merger
agreement to obviate such objection.

(5) Where the resulting state bank is not to exercise trust powers, the
banking board shall not approve a merger until satisfied that adequate provision
has been made for successors to fiduciary positions held by constituent banks.

Colorado § 11-103-703 (Approval by banking board) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1096, � 3, effective July 1. L. 2013: (1) and (3)(a) amended, (SB 13-154), ch. 282, p. 1464, � 8, effective July 1.