9-520.   Same; ownership limitations; exceptions.(a) Excluding shares held under the circumstances set outin paragraph (2) of subsection (a) of K.S.A. 9-519,and amendments thereto, no bank holding company orany subsidiary thereof shall directly or indirectly acquire ownership orcontrol of, or power to vote, any of the voting shares of any bank which holdsKansas deposits if, after suchacquisition, the bank holding companyand all subsidiaries would hold or control,in the aggregate, more than 15% of total Kansasdeposits.

      (b)   This section shall not prohibit a bank holding company or anysubsidiary thereof from acquiring ownership or control of, or power tovote, any of the voting shares of any bank if the commissioner, in the case ofa bank organized under thelaws ofthis state, or the comptroller of the currency, in the case of a nationalbanking association, determines that an emergency exists and that theacquisition is appropriate in order to protect the public interest againstthe failure or probable failure of the bank.

      (c)   As used in this section, "Kansas deposits" means deposits, savingsdeposits, shares or similar accounts held by banks, savings and loanassociations, savings banks and building and loan associations attributable toany office in Kansas where deposits are accepted as determined by thecommissioner on the basis of the most recent reports to supervisory authoritieswhich are available at the time of the acquisition.

      History:   L. 1985, ch. 55, § 3;L. 1990, ch. 54, § 2;L. 1993, ch. 138, § 1;L. 1997, ch. 59, § 3; July 1.