§ 13-5-514 — Transfer of stock, membership interests and other ownership interests

(a) The shares of stock or membership interests of public
trust companies are personal property and shall be transferred
on the books of the public trust company in such manner as the
bylaws or operating agreement may provide. A transfer of stock
or membership interest in a public trust company is invalid
until any impairment of its capital stock or membership interest
has been restored.
(b) Transfers of voting stock or membership interests of a
public trust company shall be reported to the commissioner not
less than ten (10) days prior to being made if the transfer:
(i) Equals or exceeds ten percent (10%) of the public
trust company's voting ownership interests; or
(ii) Is made to a person owning or controlling ten
percent (10%) or more and less than eighty percent (80%) of the
public trust company's voting ownership interests.
(c) The commissioner may disapprove any transfer of stock
or membership interest required to be reported if he finds that
the transferee:
(i) Has been convicted of a felony; or
(ii) Has been removed from a position as director,
manager, officer or employee of a public trust company or other
financial institution pursuant to an order of the commissioner
or federal regulatory authority.