Colorado § 11-103-709 Sale of all assets of bank, branch, or department

Colorado Statutes

§ 11-103-709 — Sale of all assets of bank, branch, or department

Colorado·Title 11 Financial·Art. Organization and

(1)Any state bank may sell to any other bank all, or substantially all, of the selling bank's assets and business, or all, or substantially all, of the assets and business of any department or branch of the selling bank.

(2)Any state bank may, upon assuming the liabilities relating thereto, purchase all, or substantially all, of the assets and business of another bank, or all, or substantially all, of the assets and business of any department or branch of another bank.

(3)The agreement of purchase and sale shall be authorized and approved by the banking board and by the vote of a majority of the stockholders of the purchasing and selling banks at meetings called for the purpose in like manner as meetings to approve mergers are called, and filed with the commissioner, accompa

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(1) Any state
bank may sell to any other bank all, or substantially all, of the selling bank's assets
and business, or all, or substantially all, of the assets and business of any
department or branch of the selling bank.

(2) Any state bank may, upon assuming the liabilities relating thereto,
purchase all, or substantially all, of the assets and business of another bank, or all,
or substantially all, of the assets and business of any department or branch of
another bank.

(3) The agreement of purchase and sale shall be authorized and approved by
the banking board and by the vote of a majority of the stockholders of the
purchasing and selling banks at meetings called for the purpose in like manner as
meetings to approve mergers are called, and filed with the commissioner,
accompanied by evidence of such stockholders' approval in like manner as
agreements of merger are filed. After such approval is given by the stockholders, a
notice of such sale shall be published once a week for three successive weeks in a
newspaper of general circulation in the county in which the selling bank has its
principal office. Proof of such publication shall be filed with the division.

(4) Notwithstanding any term of the agreement, or of his or her contract of
deposit, any depositor whose business is thus sold has the right, upon payment of
any indebtedness owing by the depositor to the bank, to withdraw his or her deposit
in full on demand after such sale unless, by dealing with the purchasing bank with
knowledge of the purchase, the depositor ratifies the transfer.

(5) The agreement of sale may provide for the transfer to the purchasing
bank of all fiduciary positions held by the selling bank pursuant to section 11-106-105.

(6) No right against, or obligation of, the selling bank, in respect of the
assets or business sold, shall be released or impaired by the sale until one year
from the last date of publication of the notice, pursuant to subsection (3) of this
section, but, after the expiration of such year, no action shall be brought against the
selling bank on account of any deposit, obligation, trust, or asset transferred to or
liability assumed by the purchasing bank.

Colorado § 11-103-709 (Sale of all assets of bank, branch, or department) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1099, � 3, effective July 1. L. 2013: (1) and (2) amended, (SB 13-154), ch. 282, p. 1465, � 9, effective July 1.