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.
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