9-1801.   Application for incorporation or for certificate of authorityto be filed with the board; acceptance and approval of application forincorporation and authority to do business by commissioner, when.(a) No bank or trust company shall be organized orincorporated under the laws of this state, nor shall any such institutiontransacteither a banking business or a trust business in this state, untilthe application for its incorporation and application for authority to dobusiness has been submitted to and approved by the board. The board shallapprove or disapprove the organization and establishment of any suchinstitution in the city ortown in which the same is sought to be located. The form for making anysuch application shall be prescribed by the board and any applicationmade to the board shall contain such information as it shall require.The board shall not approve any such application until it firstinvestigates and examines such application and the applicants.

      (b)   If upon the dissolution, insolvency or appointmentof a receiver of any bank, trustcompany, national bank association, savings and loan association, savingsbank or credit union, it is the opinion of the commissioner that by reason oftheloss of services in the community, an emergency exists which may resultin serious inconvenience or losses to the depositors or the publicinterest in the community, the commissioner may accept and approve anapplication for incorporation and application for authority to dobusiness from applicants for the organization and establishment of asuccessor bank or trust company.

      History:   L. 1947, ch. 102, § 103; L. 1977, ch. 45, § 3; L. 1980,ch. 49, § 1; L. 1989, ch. 48, § 46;L. 1990, ch. 54, § 1;L. 1993, ch. 7, § 2;L. 1994, ch. 51, § 6;L. 2001, ch. 87, § 13; July 1.