Financial Institutions

CHAPTER 19-10.1
Conversion of Financial Institution to General Business Corporation

SECTION 19-10.1-2

§ 19-10.1-2. Notice of conversion.

Whenever a vote is taken pursuant to § 19-10.1-1 by a financial institution with capital stock to convert such financial institution into a corporation organized under the Rhode Island Business Corporation Act, it shall be the duty of the board of directors or trustees thereof to cause notice of this fact to be certified, under the seal of the financial institution by its president, cashier, or treasurer, to the director of the department of business regulation, or the director's designee. If the director, or the director's designee, approves of the act of conversion of the financial institution pursuant to § 19-10.1-1, he or she shall certify the decision and issue an approval upon the certificate setting forth the vote of the financial institution. The financial institution shall then publish a notice: (1) Setting forth the vote and the director's approval; (2) Advising that the financial institution will no longer be subject to the jurisdiction of the Rhode Island department of business regulation sixty (60) days after commencement of the publication of such notice; and (3) Notifying depositors and all other interested parties having claims relating to the financial institution's former status as a regulated banking entity to present those claims against the financial institution for payment. Such notice shall be published in twelve-point (12) bold-faced type once each week for four (4) successive weeks in the legal notices section of a newspaper of general circulation in which the financial institution is located.

History of Section.
(P.L. 2005, ch. 206, § 1; P.L. 2005, ch. 335, § 1.)