(1) Each industrial bank holding company shall register with the department by filing a registration statement in a form prescribed by the commissioner. The statement shall include: (a) the name, address, and principal occupation of each officer and director of the registrant; (b) a statement of financial condition as of a date not more than six months prior to the date of registration; (c) a certificate of good standing in the state in which the registrant is incorporated; and (d) evidence that the company is authorized to transact business in this state.
(a) the name, address, and principal occupation of each officer and director of the registrant;
(b) a statement of financial condition as of a date not more than six months prior to the date of registration;
(c) a certificate of good standing in the state in which the registrant is incorporated; and
(d) evidence that the company is authorized to transact business in this state.
(2) (a) A person may not form an industrial bank holding company, unless it: (i) is authorized to do so by the commissioner; and (ii) is registered with the department as provided in Subsection (1). (b) An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule.
(a) A person may not form an industrial bank holding company, unless it: (i) is authorized to do so by the commissioner; and (ii) is registered with the department as provided in Subsection (1).
(i) is authorized to do so by the commissioner; and
(ii) is registered with the department as provided in Subsection (1).
(b) An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule.
(3) The commissioner may exempt an industrial bank holding company in whole or in part from registration if it is: (a) a bank holding company or savings and loan holding company subject to federal regulation; (b) a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis; (c) a person exempt from the jurisdiction of the department under Section 7-1-502; or (d) a person exempted in writing by the commissioner or by rule.
(a) a bank holding company or savings and loan holding company subject to federal regulation;
(b) a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis;
(c) a person exempt from the jurisdiction of the department under Section 7-1-502; or
(d) a person exempted in writing by the commissioner or by rule.
(4) The commissioner may adopt rules with respect to industrial bank holding companies as are necessary to protect: (a) depositors; (b) other creditors; (c) the public; and (d) the financial system of the state.
(a) depositors;
(b) other creditors;
(c) the public; and
(d) the financial system of the state.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.