§ 11-103-810 — Preapproved shelf charter

Colorado § 11-103-810

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Organization and

Text

The board may preapprove a shelf
charter for a new bank to qualified individuals, contingent upon the new bank
completing all specified requirements and purchasing the assets and assuming the
liabilities of a bank in receivership as the federal deposit insurance corporation may
determine, if the proposed bank has its principal place of business in Colorado and
has assets and liabilities held in receivership by the federal deposit insurance
corporation. The shelf charter may be preapproved and summarily issued without
publication of a notice, without the holding of a public hearing, and without
complying with all of the other provisions and procedures specified in this code.
Upon federal deposit insurance corporation approval of the purchase and
assumption by the new bank, the final charter approval may be granted, together
with final approval of deposit insurance by the federal deposit insurance
corporation. If the bid is not accepted by the federal deposit insurance corporation,
the charter remains on the shelf for up to eighteen months. During that time, the
charter may be used for other bids.

Legislative History

Source: L. 2009: Entire section added, (HB 09-1053), ch. 159, p. 688, � 4, effective August 5.