Text: SF00396 Text: SF00398 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 524.1213, Code 1997, is amended by 1 2 adding the following new subsection: 1 3 NEW SUBSECTION. 4A. For purposes of subsection 3, a bank 1 4 that has been chartered solely for the purpose of, and does 1 5 not open for business prior to, acquiring control of, or 1 6 acquiring all or substantially all of the assets of, one or 1 7 more branches owned and operated on January 1, 1997, by a 1 8 savings association, as defined in 12 U.S.C. } 1813, which 1 9 association is an affiliate of the bank, is deemed to have 1 10 been in continuous existence and operation as a bank for the 1 11 combined periods of continuous existence and operation of the 1 12 bank and the savings association from which the branch or 1 13 branches were acquired. 1 14 Sec. 2. Section 524.1805, Code 1997, is amended by adding 1 15 the following new subsection: 1 16 NEW SUBSECTION. 3A. For purposes of subsection 1, a bank 1 17 that has been chartered solely for the purpose of, and does 1 18 not open for business prior to, acquiring control of, or 1 19 acquiring all or substantially all of the assets of, one or 1 20 more branches owned and operated on January 1, 1997, by a 1 21 savings association, as defined in 12 U.S.C. } 1813, which 1 22 association is an affiliate of the bank, is deemed to have 1 23 been in continuous existence and operation as a bank for the 1 24 combined periods of continuous existence and operation of the 1 25 bank and the savings association from which the branch or 1 26 branches were acquired. 1 27 Sec. 3. EFFECTIVE DATE. This Act, being deemed of 1 28 immediate importance, takes effect upon enactment. 1 29 EXPLANATION 1 30 This bill amends provisions in chapter 524 relating to the 1 31 regulation and operation of state banks and to the acquisition 1 32 of certain savings associations. 1 33 Code section 524.1213, relating to united community bank 1 34 offices, is amended to provide that a bank which is chartered 1 35 solely for the purpose of acquiring the assets of one or more 2 1 branches that are located in this state and owned and operated 2 2 on January 1, 1997, by a savings association, and which 2 3 association is an affiliate of the bank, is deemed to have 2 4 been in existence and operation as a bank for the combined 2 5 periods of existence and operation of the bank and the 2 6 association from which the branch or branches were acquired. 2 7 Code section 524.1805, which provides that an out-of-state 2 8 bank or out-of-state bank holding company may not acquire a 2 9 bank located in this state unless the bank has been in 2 10 continuous existence and operation for at least five years, is 2 11 amended to provide that a bank which is chartered solely for 2 12 the purpose of acquiring the assets of one or more branches 2 13 that are located in this state and owned and operated on 2 14 January 1, 1997, by a savings association, and which 2 15 association is an affiliate of the bank, is deemed to have 2 16 been in existence and operation as a bank for the combined 2 17 periods of existence and operation of the bank and the 2 18 association from which the branch or branches were acquired. 2 19 The bill takes effect upon enactment. 2 20 LSB 2673SV 77 2 21 mj/jj/8
Text: SF00396 Text: SF00398 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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