6-1103

6-1103. Exempt persons and transactions

A. This article does not apply to the following persons or transactions of the type
specified:

1. A registered dealer who acts as an underwriter or member of a selling group in a
public offering of the voting securities of a financial institution or controlling
person.

2. A person who acts as proxy for the sole purpose of voting at a designated
meeting of the security holders of a financial institution or controlling person.

3. A person who acquires control of a financial institution or controlling person
by devise or descent, except that the person shall divest himself of such control not
more than two years after the date of the acquisition unless the acquisition of control
is approved by the superintendent pursuant to this article.

4. A person who acquires control of a financial institution or controlling person
as a personal representative, custodian, guardian or conservator appointed by a court or
as a trustee, a receiver or other officer appointed by a court.

5. A pledgee of a voting security of a financial institution or controlling person
who does not have the right, as pledgee, to vote the voting security.

6. A person who acquires control of a financial institution or controlling person
through the collection of a debt previously contracted in good faith, except that the
person shall divest himself of such control not more than two years after the date of the
acquisition unless the acquisition of control is approved by the superintendent pursuant
to this article.

B. A person or transaction that the superintendent by rule or order exempts as not
being necessary or appropriate in the public interest or for the protection of a
financial institution or the depositors, beneficiaries, creditors or shareholders of the
financial institution is exempt from this article.

C. A person, before filing an application for approval pursuant to this article,
may request in writing a determination from the superintendent as to whether the person,
on consummation of a proposed transaction, will be in control. On such a request, the
superintendent may enter an order that the person will not be in control, in which event
the proposed transaction is an exempt transaction under this article.

D. This article does not supersede, rescind or modify any provision, requirement or
condition of this title which would otherwise be applicable to any acquisition of a
financial institution by a financial institution holding company. This article does not
supersede, rescind or modify any provision, requirement or condition which would
otherwise be applicable to any merger of financial institutions or the acquisition or
sale of all or substantially all of the assets of the financial institution, except that
an approval obtained pursuant to this article satisfies the requirements of chapter 1,
article 4 of this title.