§412:2-508  Provisional approval toorganize.  (a)  The commissioner may issue a provisional approval toorganize a new corporation pursuant to this chapter and chapter 414 solely forthe purpose of merging with or acquiring the stock or assets and assuming theliabilities of a failing financial institution in a transaction meeting therequirements of this part and other applicable law.

(b)  Applications for a provisional approvalshall be filed with the commissioner, and shall provide the information requiredby this chapter for preliminary approval to organize the type of financialinstitution that will result from the merger or acquisition under this part. The applicant shall also furnish such other information as the commissioner mayrequire, and an application fee as established by the commissioner.

(c)  The commissioner may expediteconsideration of an application filed under this section, and may grant theapplication for a provisional approval without any investigation or publicationof notice or informational and comment proceeding; provided, that if aftergranting of approval, the commissioner discovers any reason why approval shouldnot have been granted, the approval may be revoked by giving written notice ofrevocation to the applicant.

(d)  Except as otherwise provided in thissection, the provisional approval shall enable the applicant to accomplish onlythe merger or acquisition, or both, as shall be specified in the approval.

(e)  Any provisional approval shall expire oneyear after it has been granted, or upon issuance of a charter or license asprovided in this chapter, whichever first occurs.  The commissioner may extendthe expiration date of a provisional approval for good cause.  If the merger oracquisition is not consummated before the expiration of the provisionalapproval, or any extended time granted by the commissioner the approval shallbe void and of no further effect. [L 1993, c 350, pt of §1; am L 2002, c 40,§12]