(a) Any Stateassociation may apply to the Commissioner of Banks for permission to establisha branch office. The application shall be in such form as may be prescribed bythe Commissioner of Banks and shall be accompanied by the proper branchapplication fee. Branch applications shall be approved or denied by theCommissioner of Banks within 120 days of filing.
(b) The Commissioner ofBanks shall approve a branch application when all of the following criteria aremet:
(1) The applicant hasgross assets of at least ten million dollars ($10,000,000);
(2) The applicant hasevidenced financial responsibility;
(3) The applicant has anet worth equal to or exceeding the amount required by the insurer of theapplicant's withdrawable accounts;
(4) The applicant has anacceptable internal control system. Such a system would include certain basicinternal control requirements essential to the protection of assets and thepromotion of operational efficiency regardless of the size of the applicant.Some of the factors which require extensive internal control requirements suchas the use of the controller or internal auditor and more distinctive placementresponsibilities include the applicant's size, number of personnel and historyof and anticipated plans for expansion.
(c) Upon receipt of abranch application, the Commissioner of Banks shall examine or cause to beexamined all the relevant facts connected with the establishment of theproposed branch office. If it appears to the satisfaction of the Commissionerof Banks that the applicant has complied with all the requirements set forth inthis section and the regulations for the establishment of a branch office andthat the association is otherwise lawfully entitled to establish such branch office,then the administrator shall approve the branch application.
(d) Not more than 10days following the filing of the branch application with the Commissioner ofBanks, the applicant shall cause a notice to be published in a newspaper ofgeneral circulation in the area to be served by the proposed branch office.Such notice shall contain:
(1) A statement that thebranch application has been filed with the Commissioner of Banks;
(2) The proposed addressof the branch office, including city or town and street; and
(3) A statement that anyinterested or affected party may file a written statement with the Commissionerof Banks, within 30 days of the date of the publication of the notice,protesting the establishment of the proposed branch office and requesting ahearing before the Commissioner of Banks on the application.
(e) Any interested oraffected party may file a written statement with the Commissioner of Bankswithin 30 days of the date of initial publication of the branch applicationnotice, protesting the establishment of the proposed branch office andrequesting a hearing before the Commissioner of Banks on the application. If ahearing is held on the branch application, the Commissioner of Banks shall onlyreceive information and hear testimony from the applicant and from anyinterested or affected party which is relevant to the branch application andthe operation of the proposed branch office. The Commissioner of Banks shallissue his final decision on the branch application within 30 days following thehearing. Such final decision shall be in accordance with the applicableprovisions of Chapter 150B of the General Statutes.
(f) If a hearing isnot held on the branch application, the Commissioner of Banks shall issue hisfinal decision within 120 days of the filing of the application. Such finaldecision shall be in accordance with the applicable provisions of Chapter 150Bof the General Statutes.
(g) to (i) Repealed bySession Laws 1981 (Regular Session, 1982), c. 1238, s. 3.
(j) Any party to abranch application may appeal the final decision of the to the Commission atany time after final decision, but not later than 30 days after a written copyof the final decision is served upon the party and his attorney of record bypersonal service or by certified mail. Failure to file such appeal within thetime stated shall operate as a waiver of the right of such party to review bythe Commission and by a court of competent jurisdiction in accordance withChapter 150B of the General Statutes, relating to judicial review. (1981, c. 282, s. 3; 1981(Reg. Sess., 1982), c. 1238, s. 3; 1987, c. 827, s. 1; 2001‑193, s. 16.)
(a) Any Stateassociation may apply to the Commissioner of Banks for permission to establisha branch office. The application shall be in such form as may be prescribed bythe Commissioner of Banks and shall be accompanied by the proper branchapplication fee. Branch applications shall be approved or denied by theCommissioner of Banks within 120 days of filing.
(b) The Commissioner ofBanks shall approve a branch application when all of the following criteria aremet:
(1) The applicant hasgross assets of at least ten million dollars ($10,000,000);
(2) The applicant hasevidenced financial responsibility;
(3) The applicant has anet worth equal to or exceeding the amount required by the insurer of theapplicant's withdrawable accounts;
(4) The applicant has anacceptable internal control system. Such a system would include certain basicinternal control requirements essential to the protection of assets and thepromotion of operational efficiency regardless of the size of the applicant.Some of the factors which require extensive internal control requirements suchas the use of the controller or internal auditor and more distinctive placementresponsibilities include the applicant's size, number of personnel and historyof and anticipated plans for expansion.
(c) Upon receipt of abranch application, the Commissioner of Banks shall examine or cause to beexamined all the relevant facts connected with the establishment of theproposed branch office. If it appears to the satisfaction of the Commissionerof Banks that the applicant has complied with all the requirements set forth inthis section and the regulations for the establishment of a branch office andthat the association is otherwise lawfully entitled to establish such branch office,then the administrator shall approve the branch application.
(d) Not more than 10days following the filing of the branch application with the Commissioner ofBanks, the applicant shall cause a notice to be published in a newspaper ofgeneral circulation in the area to be served by the proposed branch office.Such notice shall contain:
(1) A statement that thebranch application has been filed with the Commissioner of Banks;
(2) The proposed addressof the branch office, including city or town and street; and
(3) A statement that anyinterested or affected party may file a written statement with the Commissionerof Banks, within 30 days of the date of the publication of the notice,protesting the establishment of the proposed branch office and requesting ahearing before the Commissioner of Banks on the application.
(e) Any interested oraffected party may file a written statement with the Commissioner of Bankswithin 30 days of the date of initial publication of the branch applicationnotice, protesting the establishment of the proposed branch office andrequesting a hearing before the Commissioner of Banks on the application. If ahearing is held on the branch application, the Commissioner of Banks shall onlyreceive information and hear testimony from the applicant and from anyinterested or affected party which is relevant to the branch application andthe operation of the proposed branch office. The Commissioner of Banks shallissue his final decision on the branch application within 30 days following thehearing. Such final decision shall be in accordance with the applicableprovisions of Chapter 150B of the General Statutes.
(f) If a hearing isnot held on the branch application, the Commissioner of Banks shall issue hisfinal decision within 120 days of the filing of the application. Such finaldecision shall be in accordance with the applicable provisions of Chapter 150Bof the General Statutes.
(g) to (i) Repealed bySession Laws 1981 (Regular Session, 1982), c. 1238, s. 3.
(j) Any party to abranch application may appeal the final decision of the to the Commission atany time after final decision, but not later than 30 days after a written copyof the final decision is served upon the party and his attorney of record bypersonal service or by certified mail. Failure to file such appeal within thetime stated shall operate as a waiver of the right of such party to review bythe Commission and by a court of competent jurisdiction in accordance withChapter 150B of the General Statutes, relating to judicial review. (1981, c. 282, s. 3; 1981(Reg. Sess., 1982), c. 1238, s. 3; 1987, c. 827, s. 1; 2001‑193, s. 16.)
(a) Any Stateassociation may apply to the Commissioner of Banks for permission to establisha branch office. The application shall be in such form as may be prescribed bythe Commissioner of Banks and shall be accompanied by the proper branchapplication fee. Branch applications shall be approved or denied by theCommissioner of Banks within 120 days of filing.
(b) The Commissioner ofBanks shall approve a branch application when all of the following criteria aremet:
(1) The applicant hasgross assets of at least ten million dollars ($10,000,000);
(2) The applicant hasevidenced financial responsibility;
(3) The applicant has anet worth equal to or exceeding the amount required by the insurer of theapplicant's withdrawable accounts;
(4) The applicant has anacceptable internal control system. Such a system would include certain basicinternal control requirements essential to the protection of assets and thepromotion of operational efficiency regardless of the size of the applicant.Some of the factors which require extensive internal control requirements suchas the use of the controller or internal auditor and more distinctive placementresponsibilities include the applicant's size, number of personnel and historyof and anticipated plans for expansion.
(c) Upon receipt of abranch application, the Commissioner of Banks shall examine or cause to beexamined all the relevant facts connected with the establishment of theproposed branch office. If it appears to the satisfaction of the Commissionerof Banks that the applicant has complied with all the requirements set forth inthis section and the regulations for the establishment of a branch office andthat the association is otherwise lawfully entitled to establish such branch office,then the administrator shall approve the branch application.
(d) Not more than 10days following the filing of the branch application with the Commissioner ofBanks, the applicant shall cause a notice to be published in a newspaper ofgeneral circulation in the area to be served by the proposed branch office.Such notice shall contain:
(1) A statement that thebranch application has been filed with the Commissioner of Banks;
(2) The proposed addressof the branch office, including city or town and street; and
(3) A statement that anyinterested or affected party may file a written statement with the Commissionerof Banks, within 30 days of the date of the publication of the notice,protesting the establishment of the proposed branch office and requesting ahearing before the Commissioner of Banks on the application.
(e) Any interested oraffected party may file a written statement with the Commissioner of Bankswithin 30 days of the date of initial publication of the branch applicationnotice, protesting the establishment of the proposed branch office andrequesting a hearing before the Commissioner of Banks on the application. If ahearing is held on the branch application, the Commissioner of Banks shall onlyreceive information and hear testimony from the applicant and from anyinterested or affected party which is relevant to the branch application andthe operation of the proposed branch office. The Commissioner of Banks shallissue his final decision on the branch application within 30 days following thehearing. Such final decision shall be in accordance with the applicableprovisions of Chapter 150B of the General Statutes.
(f) If a hearing isnot held on the branch application, the Commissioner of Banks shall issue hisfinal decision within 120 days of the filing of the application. Such finaldecision shall be in accordance with the applicable provisions of Chapter 150Bof the General Statutes.
(g) to (i) Repealed bySession Laws 1981 (Regular Session, 1982), c. 1238, s. 3.
(j) Any party to abranch application may appeal the final decision of the to the Commission atany time after final decision, but not later than 30 days after a written copyof the final decision is served upon the party and his attorney of record bypersonal service or by certified mail. Failure to file such appeal within thetime stated shall operate as a waiver of the right of such party to review bythe Commission and by a court of competent jurisdiction in accordance withChapter 150B of the General Statutes, relating to judicial review. (1981, c. 282, s. 3; 1981(Reg. Sess., 1982), c. 1238, s. 3; 1987, c. 827, s. 1; 2001‑193, s. 16.)
