Wyoming § 13-12-116 Certificate of authority to commence business
required; application; approval or denial; failure to commence
business

Wyoming Statutes

§ 13-12-116 — Certificate of authority to commence business required; application; approval or denial; failure to commence business

Wyoming·Title 13 Banks, Banking and Finance·Ch. 12 SPECIAL PURPOSE DEPOSITORY INSTITUTIONS

(a)If an application is approved and a charter granted by the board under W.S. 13-12-115, the special purpose depository institution shall not commence business before receiving a certificate of authority to operate from the commissioner. The application for a certificate of authority shall be made to the commissioner and shall certify the address at which the special purpose depository institution will operate and that all adopted bylaws of the institution have been attached as an exhibit to the application. The application shall state the identities and contact information of officers and directors. The commissioner shall approve or deny an application for a certificate of authority to operate within thirty (30) days after a complete application has been filed. The authority of the comm

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(a) If an application is approved and a charter granted by
the board under W.S. 13-12-115, the special purpose depository
institution shall not commence business before receiving a
certificate of authority to operate from the commissioner. The
application for a certificate of authority shall be made to the
commissioner and shall certify the address at which the special
purpose depository institution will operate and that all adopted
bylaws of the institution have been attached as an exhibit to
the application. The application shall state the identities and
contact information of officers and directors. The commissioner
shall approve or deny an application for a certificate of
authority to operate within thirty (30) days after a complete
application has been filed. The authority of the commissioner to
disapprove any application shall be restricted solely to
noncompliance with this section, provided that if the
commissioner approves the application, he shall issue a
certificate of authority to the applicants within twenty (20)
days. If the commissioner denies the application, he shall mail
a notice of denial to the applicants within twenty (20) days,
stating the reasons for denying the application, and grant to
the applicants a period of ninety (90) days to resubmit the
application with the necessary corrections. If the applicants
fail to comply with requirements of the notice of denial within
ninety (90) days from the receipt of the notice, the charter of
the special purpose depository institution shall be revoked by
the commissioner. The failure of the commissioner to act upon an
application for a certificate of authority within thirty (30)
days shall be deemed an approval.
(b) If an approved special purpose depository institution
fails to commence business in good faith within six (6) months
after the issuance of a certificate of authority to operate by
the commissioner, the charter and certificate of authority shall
expire. The board, for good cause and upon an application filed
prior to the expiration of the six (6) month period, may extend
the time within which the special purpose depository institution
may open for business.

Wyoming § 13-12-116 (Certificate of authority to commence business required; application; approval or denial; failure to commence business) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.