9-1721. Change of control; procedure; hearing; judicial review.
9-1721
9-1721. Change of control; procedure; hearing; judicial review.
(a) The commissioner shall be given at least 60 days' prior written
notice of any proposed bank acquisition. If the commissioner does not issue
an order disapproving the proposed acquisition within that time or extend
the period during which a disapproval may issue for another 30 days, the
proposed acquisition shall stand approved. The period for disapproval may
be further extended only if the commissioner determines that any acquiring
party has not furnished all the information required under K.S.A.
9-1722 and amendments thereto or that in the commissioner's
judgment any material information submitted is substantially inaccurate. An
acquisition may be made prior to expiration of the disapproval period if
the commissioner issues written notice of the commissioner's intent not to
disapprove the action.
(b) The commissioner shall serve the acquiring party with an order of
disapproval. The order shall provide a statement of the basis for the
disapproval.
(c) Within 15 days after service of an order of disapproval, the
acquiring party may request a hearing on the proposed acquisition with the
board. Upon receipt of a timely request, the board shall conduct a hearing
in accordance with the provisions of the Kansas administrative procedure act.
(d) Any disapproval by the board of a proposed acquisition is subject to
review in accordance with the act for judicial review and civil enforcement
of agency actions.
(e) Actual expense incurred by the commissioner or board in carrying out
any investigation that may be necessary or required by statute shall be
paid by the person submitting the proposed acquisition.
History: L. 1984, ch. 47, § 3; L. 1986, ch. 318, § 17; L.
1988, ch. 356, § 42; July 1, 1989.