6-147

6-147. Denial of application; grounds

A. With respect to the proposed acquisition of control of a bank, trust company,
savings and loan association or controlling person, an application shall be denied if the
superintendent finds any of the following:

1. That the financial condition of any person who would acquire control is such as
may jeopardize the financial stability of the bank, trust company or savings and loan
association, or prejudice the interests of the depositors, beneficiaries, creditors and
shareholders of the bank, trust company or savings and loan association.

2. That a plan or proposal to liquidate the bank, trust company or savings and loan
association, to merge or consolidate the bank, trust company or savings and loan
association or to make any other major change in the business, corporate structure or
management of the bank, trust company or savings and loan association is not fair and
reasonable to the depositors, beneficiaries, creditors or shareholders of the bank, trust
company or savings and loan association.

3. That the overall moral character or integrity of any person who would acquire
control indicates that it would not be in the interest of the depositors, beneficiaries,
creditors or shareholders of the bank, trust company or savings and loan association, or
in the interest of the public, to permit such person to control the bank, trust company
or savings and loan association.

4. That the applicant neglects, fails or refuses to furnish to the superintendent
any information required by the superintendent.

5. That it is contrary to law.

B. The superintendent may, in approving a proposal to acquire control of a bank,
trust company or savings and loan association, impose such conditions as he deems
reasonable, necessary or advisable in the public interest.