9-1721.   Change of control; procedure; hearing; judicial review.(a) The commissioner shall be given at least 60 days' prior writtennotice of any proposed bank acquisition. If the commissioner does not issuean order disapproving the proposed acquisition within that time or extendthe period during which a disapproval may issue for another 30 days, theproposed acquisition shall stand approved. The period for disapproval maybe further extended only if the commissioner determines that any acquiringparty has not furnished all the information required under K.S.A.9-1722 and amendments thereto or that in the commissioner'sjudgment any material information submitted is substantially inaccurate. Anacquisition may be made prior to expiration of the disapproval period ifthe commissioner issues written notice of the commissioner's intent not todisapprove the action.

      (b)   The commissioner shall serve the acquiring party with an order ofdisapproval. The order shall provide a statement of the basis for thedisapproval.

      (c)   Within 15 days after service of an order of disapproval, theacquiring party may request a hearing on the proposed acquisition with theboard. Upon receipt of a timely request, the board shall conduct a hearingin accordance with the provisions of the Kansas administrative procedure act.

      (d)   Any disapproval by the board of a proposed acquisition is subject toreview in accordance with the act for judicial review and civil enforcementof agency actions.

      (e)   Actual expense incurred by the commissioner or board in carrying outany investigation that may be necessary or required by statute shall bepaid 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.