Section 369.086

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

Effective - 06 Jul 1994, see footnote   

  369.086.  Savings and loan holding company, defined — subsidiary, defined — registration, examination and regulation by division. — 1.  A "savings and loan holding company" is an individual or company which, directly or indirectly, or acting in concert with one or more other persons, owns, controls, or holds with power to vote or holds proxies to vote twenty-five percent or more of the outstanding voting stock of any stock association or savings and loan holding company located in this state; or controls in any manner, whether by the holding of proxies or otherwise, the election of a majority of the directors of any association or savings and loan holding company located in this state.  A "subsidiary" of an individual or company is any company not less than ten percent of the shares of which are directly or indirectly controlled by such individual or company.

  2.  Each savings and loan holding company and each subsidiary thereof shall register with the director of the division of finance within sixty days after becoming a savings and loan holding company.  Following registration, a savings and loan holding company organized under the laws of this state, domiciled in this state or controlling an association organized under the laws of this state, shall be subject to examination by the division and file with the director such reports as may be required by regulation.

  3.  A savings and loan holding company under this section may engage in all activities as the director of the division of finance may by regulation establish or by specific application permit.

  4.  A savings and loan holding company may acquire control of an association or savings and loan holding company upon application to and prior written approval of the director of the division of finance.  The application shall be in a form prescribed by the director and contain such information as will enable the director of the division of finance to determine if such acquisition is consistent with the interests of maintaining a sound financial system and, further, that the proposed acquisition does not afford a basis for supervisory objection.

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(L. 1983 H.B. 570 § 369.085, A.L. 1994 H.B. 1165)

Effective 7-06-94