Section 9-633 - Duty of Commissioner.

§ 9-633. Duty of Commissioner.
 

The Commissioner: 

(1) Shall review an application for conversion to a commercial bank; 

(2) Shall determine: 

(i) Whether the plan is fair to the stockholders of the converting association and the general public; 

(ii) That insurance of the savings accounts will remain in effect after the conversion; 

(iii) That, after conversion, the commercial bank will be in sound financial condition and will be soundly managed; 

(iv) That conversion will not impair the capital of the association nor adversely affect the association's operations; and 

(v) That no person, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion; 

(3) May require any changes that are necessary to ensure full disclosure of all material facts; 

(4) May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met; 

(5) May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is: 

(i) Reasonably required to protect the welfare of the commercial bank; and 

(ii) Not detrimental to the public interest or to the commercial bank; and 

(6) May adopt regulations to carry out the provisions of this part. 
 

[1986, ch. 591; 1987, ch. 11, § 1; 1996, ch. 326, § 2.]