Colorado § 11-103-808 Emergency grant of new charter

Colorado Statutes

§ 11-103-808 — Emergency grant of new charter

Colorado § 11-103-808

Title 11Financial

Art.Organization and

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Bluebook

Colo. Rev. Stat. § 11-103-808 (2026).

Text

In addition to powers
regarding liquidation or reorganization, the banking board may, in the interest of
protecting the public and the depositors of a closed state bank or national banking
association with its principal office in this state, issue a new bank charter to
qualified individuals for the same location as the closed bank, contingent upon the
new bank assuming full liability for such deposits of the closed bank as may be
transferred to it. Under such conditions, a new charter may be issued summarily
without the publication of notice, without the holding of a public hearing, and
without complying with any of the other provisions and procedures specified in this
code.

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In addition to powers
regarding liquidation or reorganization, the banking board may, in the interest of
protecting the public and the depositors of a closed state bank or national banking
association with its principal office in this state, issue a new bank charter to
qualified individuals for the same location as the closed bank, contingent upon the
new bank assuming full liability for such deposits of the closed bank as may be
transferred to it. Under such conditions, a new charter may be issued summarily
without the publication of notice, without the holding of a public hearing, and
without complying with any of the other provisions and procedures specified in this
code.