9-1724.Merger, consolidation or transfer of assets and liabilities;
information to be filed with commissioner; investigation; fees.
(a) Before any bank can merge, consolidate with or transfer its
assets and liabilities under the
provisions of article 67 or article 68 of chapter 17 of
the Kansas Statutes Annotated, the bank concerned in such merger,
consolidation
or transfer
shall file, or cause to
be filed, with the state banking commissioner, certified copies of all
proceedings had by its directors and stockholders relating to such merger,
consolidation or transfer. The stockholders'
proceedings shall show that a majority of the outstanding
voting stock was voted in favor
of the merger, consolidation or transfer. The stockholders' proceedings shall
also
contain a complete copy of the agreement made and entered into by the bank,
with reference to such
merger, consolidation
or transfer. The provisions of this act shall not apply to the merger,
consolidation or transfer of assets
and liabilities of a bank when the surviving entity is a national banking
association or other federally chartered financial institution, except that
the bank shall provide written notification to the state bank commissioner of
such a merger, consolidation or transfer of assets and liabilities at least 10
days prior to its consummation. In addition, not more than 15 days following
such a merger, consolidation or transfer of assets and liabilities, the bank
shall surrender its state certificate of authority or charter and shall certify
in writing that the proper instruments as required by the Kansas general
corporation code have been filed in accordance with K.S.A. 17-6003, and
amendments thereto.
Upon the filing of the stockholders and directors' proceedings, the
commissioner
shall make an investigation of each party to the
merger, consolidation or transfer to determine whether:
(1) The interests of the depositors, creditors and stockholders of the
bank are protected;
(2) the merger, consolidation or transfer is in the public interest; and
(3) the merger, consolidation or transfer is made for legitimate purposes.
The commissioner's consent to or rejection of such merger, consolidation
or transfer shall be based upon such investigation. No merger, consolidation
or transfer shall be made without the consent of the commissioner.
At the time of filing the request for merger, consolidation or transfer, a
fee shall be paid to the
commissioner in an amount established by rules and regulations adopted by the
commissioner.
Notice of the merger, consolidation or transfer shall be published at least
once each week for three consecutive weeks before or after the merger,
consolidation or transfer
is to become effective, at the discretion of the commissioner, in a newspaper
of general circulation published in each city or county in which the bank is
located and a certified copy of
the notice shall be filed with the commissioner.
(b) As used in this section, "bank" means a state bank or trust company
incorporated under the laws of Kansas.
History: L. 1984, ch. 47, § 6;
L. 1987, ch. 54, § 10;
L. 1992, ch. 62, § 5;
L. 1993, ch. 156, § 1;
L. 1994, ch. 28, § 1;
L. 1995, ch. 19, § 2; Mar. 9.
9-1724.Merger, consolidation or transfer of assets and liabilities;
information to be filed with commissioner; investigation; fees.
(a) Before any bank can merge, consolidate with or transfer its
assets and liabilities under the
provisions of article 67 or article 68 of chapter 17 of
the Kansas Statutes Annotated, the bank concerned in such merger,
consolidation
or transfer
shall file, or cause to
be filed, with the state banking commissioner, certified copies of all
proceedings had by its directors and stockholders relating to such merger,
consolidation or transfer. The stockholders'
proceedings shall show that a majority of the outstanding
voting stock was voted in favor
of the merger, consolidation or transfer. The stockholders' proceedings shall
also
contain a complete copy of the agreement made and entered into by the bank,
with reference to such
merger, consolidation
or transfer. The provisions of this act shall not apply to the merger,
consolidation or transfer of assets
and liabilities of a bank when the surviving entity is a national banking
association or other federally chartered financial institution, except that
the bank shall provide written notification to the state bank commissioner of
such a merger, consolidation or transfer of assets and liabilities at least 10
days prior to its consummation. In addition, not more than 15 days following
such a merger, consolidation or transfer of assets and liabilities, the bank
shall surrender its state certificate of authority or charter and shall certify
in writing that the proper instruments as required by the Kansas general
corporation code have been filed in accordance with K.S.A. 17-6003, and
amendments thereto.
Upon the filing of the stockholders and directors' proceedings, the
commissioner
shall make an investigation of each party to the
merger, consolidation or transfer to determine whether:
(1) The interests of the depositors, creditors and stockholders of the
bank are protected;
(2) the merger, consolidation or transfer is in the public interest; and
(3) the merger, consolidation or transfer is made for legitimate purposes.
The commissioner's consent to or rejection of such merger, consolidation
or transfer shall be based upon such investigation. No merger, consolidation
or transfer shall be made without the consent of the commissioner.
At the time of filing the request for merger, consolidation or transfer, a
fee shall be paid to the
commissioner in an amount established by rules and regulations adopted by the
commissioner.
Notice of the merger, consolidation or transfer shall be published at least
once each week for three consecutive weeks before or after the merger,
consolidation or transfer
is to become effective, at the discretion of the commissioner, in a newspaper
of general circulation published in each city or county in which the bank is
located and a certified copy of
the notice shall be filed with the commissioner.
(b) As used in this section, "bank" means a state bank or trust company
incorporated under the laws of Kansas.
History: L. 1984, ch. 47, § 6;
L. 1987, ch. 54, § 10;
L. 1992, ch. 62, § 5;
L. 1993, ch. 156, § 1;
L. 1994, ch. 28, § 1;
L. 1995, ch. 19, § 2; Mar. 9.
9-1724.Merger, consolidation or transfer of assets and liabilities;
information to be filed with commissioner; investigation; fees.
(a) Before any bank can merge, consolidate with or transfer its
assets and liabilities under the
provisions of article 67 or article 68 of chapter 17 of
the Kansas Statutes Annotated, the bank concerned in such merger,
consolidation
or transfer
shall file, or cause to
be filed, with the state banking commissioner, certified copies of all
proceedings had by its directors and stockholders relating to such merger,
consolidation or transfer. The stockholders'
proceedings shall show that a majority of the outstanding
voting stock was voted in favor
of the merger, consolidation or transfer. The stockholders' proceedings shall
also
contain a complete copy of the agreement made and entered into by the bank,
with reference to such
merger, consolidation
or transfer. The provisions of this act shall not apply to the merger,
consolidation or transfer of assets
and liabilities of a bank when the surviving entity is a national banking
association or other federally chartered financial institution, except that
the bank shall provide written notification to the state bank commissioner of
such a merger, consolidation or transfer of assets and liabilities at least 10
days prior to its consummation. In addition, not more than 15 days following
such a merger, consolidation or transfer of assets and liabilities, the bank
shall surrender its state certificate of authority or charter and shall certify
in writing that the proper instruments as required by the Kansas general
corporation code have been filed in accordance with K.S.A. 17-6003, and
amendments thereto.
Upon the filing of the stockholders and directors' proceedings, the
commissioner
shall make an investigation of each party to the
merger, consolidation or transfer to determine whether:
(1) The interests of the depositors, creditors and stockholders of the
bank are protected;
(2) the merger, consolidation or transfer is in the public interest; and
(3) the merger, consolidation or transfer is made for legitimate purposes.
The commissioner's consent to or rejection of such merger, consolidation
or transfer shall be based upon such investigation. No merger, consolidation
or transfer shall be made without the consent of the commissioner.
At the time of filing the request for merger, consolidation or transfer, a
fee shall be paid to the
commissioner in an amount established by rules and regulations adopted by the
commissioner.
Notice of the merger, consolidation or transfer shall be published at least
once each week for three consecutive weeks before or after the merger,
consolidation or transfer
is to become effective, at the discretion of the commissioner, in a newspaper
of general circulation published in each city or county in which the bank is
located and a certified copy of
the notice shall be filed with the commissioner.
(b) As used in this section, "bank" means a state bank or trust company
incorporated under the laws of Kansas.
History: L. 1984, ch. 47, § 6;
L. 1987, ch. 54, § 10;
L. 1992, ch. 62, § 5;
L. 1993, ch. 156, § 1;
L. 1994, ch. 28, § 1;
L. 1995, ch. 19, § 2; Mar. 9.