Colorado Statutes
§ 11-109-703 — Emergency grant of new charter
In addition to powers
regarding liquidation, the banking board may, in the interest of protecting the
public and the depositors of a closed trust company with its principal office in this
state, issue a new trust company charter to qualified individuals for the same
location as the closed trust company, contingent upon the new trust company
assuming full liability for such deposits of the closed trust company 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
article.
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Legislative History
Source: L. 2003: Entire article added with relocations, p. 1199, � 3, effective
July 1.
Nearby Sections
15
§ 11-10.5-101
Short title§ 11-10.5-102
Legislative declaration§ 11-10.5-103
Definitions§ 11-10.5-104
Applicability of article§ 11-10.5-105
Authority of banking board§ 11-10.5-107
Eligible collateral - uninsured public deposits§ 11-10.5-109
Verification of collateral held - reports required§ 11-10.5-110
Procedures when event of default occurs§ 11-10.5-112
Annual fees and assessments§ 11-101-101
Short title§ 11-101-102
Declaration of policy§ 11-101-201
Effect on existing banks§ 11-101-301
Application of code§ 11-101-302
No private right of action