§ 19-7-8 - Special definitions applicable to mergers, etc.
SECTION 19-7-8
§ 19-7-8 Special definitions applicable tomergers, etc. – For purposes of this chapter:
(1) The surviving or new bank resulting from a merger orconsolidation, as the case may be, shall be called the "successor financialinstitution" or "successor bank", as applicable;
(2) Each bank discontinuing its corporate existence pursuantto a merger or consolidation shall be called a "predecessor financialinstitution" or "predecessor bank", as applicable;
(3) The bank purchasing assets and assuming liabilities andacquiring offices and branches under an agreement of purchase and assumptionshall be called the "purchasing financial institution" or "purchasing bank", asapplicable;
(4) The bank selling assets and permitting its liabilities tobe assumed and transferring branches and offices under an agreement shall becalled the "selling financial institution" or "selling bank", as applicable;
(5) References to "articles of incorporation" in chapter 1.2of title 7 shall be deemed to refer to the agreement to form, charter, or thearticles or agreement of association of each bank or financial institutioninvolved, as from time to time amended, however it may be described by the lawunder which the institution is organized and whether or not it shall have beencreated by any special act of incorporation.