N.D. Admin. Code 13-02-13-04

Current through Supplement No. 394, October, 2024

Section 13-02-13-04 - Criteria for state banking board consideration for approval

When deciding whether to approve an application to consolidate or merge, the board shall examine and consider all relevant factors including:

1. Whether proper notification has been given to all shareholders;

2. Whether at least two-thirds of the shareholders have ratified the plan of reorganization or merger;

3. Whether the resultant bank has adequate capital;

4. Whether the needs of the community to be served will still be met; and

5. The adequacy and competence of management.

When a hearing has not been conducted and the board denies the application to consolidate or merge, the applicant may, within fifteen days after receipt of disapproval, petition the board for a hearing. Unless the board determines that the application to consolidate or merge is frivolous or incomplete, the petition for hearing must be granted. After the hearing is conducted, the board shall issue an order to approve or disapprove the application on the basis of the record made at the hearing.

N.D. Admin Code 13-02-13-04

Effective October 1, 1991.

General Authority: NDCC 6-01-04, 6-03-11

Law Implemented: NDCC 6-03-11