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



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



(c)  The commissioner may expedite
consideration of an application filed under this section, and may grant the
application for a provisional approval without any investigation or publication
of notice or informational and comment proceeding; provided, that if after
granting of approval, the commissioner discovers any reason why approval should
not have been granted, the approval may be revoked by giving written notice of
revocation to the applicant.



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



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