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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

previous next Effective - 28 Aug 1967bottom

  362.073.  Certain stock transfers or voting control changes must be reported to director of finance. — The president, or the officer to whom he delegates the responsibility, shall notify the director of finance not later than the business day next following the day on which any shares of the capital stock of the bank or trust company are transferred on the books of the corporation if the total holdings of the transferee, after but not before the transfer, amount to twenty-five percent or more of the capital stock of the corporation, or at any time there is a change in the voting control of the corporation by transfers from transferors previously having control thereof.  The report shall show the names of the transferors and the transferees, the number of shares transferred, the total number of shares held by the transferor and the transferee before and after the transaction and the price paid for the shares, if the price be known.  Failure to report any such transfer shall constitute a misdemeanor punishable by a fine of not less than one hundred dollars.  Each day of delay in making the report shall constitute a separate offense.

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(L. 1967 p. 445)


---- end of effective   28 Aug 1967 ----

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