9-541.   Acquisition of bank by out-of-state bank holding company; agelimitation; exceptions.(a) No out-of-state bank holding company or any subsidiarythereof shall directly or indirectly acquire ownership or control of, or powerto vote, more than 5% of any class of the voting shares of any Kansas bankunless such Kansas bank has been in existence and actively engaged in businessfor five or more years.

      (b)   This section shall not prohibit an out-of-state bank holding company orany subsidiary thereof from acquiring ownership or control of, or power tovote, more than 5% of the voting shares of any Kansas bank which has beenorganized solely for the purpose of, and does not open for business prior to,facilitating a merger of such Kansas bank with or into a Kansas bank which hasbeen in existence and actively engaged in business for five or more years, or aconsolidation of such Kansas bank and one or more Kansas banks which have beenin existence and actively engaged in business for five or more years.

      (c)   This section shall not prohibit an out-of-state bank holding company orany subsidiary thereof from acquiring ownership or control of, or power tovote, more than 5% of any class of the voting shares of any Kansas bank if thecommissioner, in the case of a bank organized under the laws of this state, orthe comptroller of the currency, in the case of a national banking association,determines that an emergency exists and that the acquisition is appropriate inorder to protect the public interest against the failure or probable failure ofthe Kansas bank.

      History:   L. 1995, ch. 79, § 12; Apr. 6.