45-2-220 - Organization as a limited liability company Rules and regulations Applicability of limited liability company laws.
45-2-220. Organization as a limited liability company Rules and regulations Applicability of limited liability company laws.
(a) Subject to the requirements and restrictions of this chapter, including, but not limited to, deposit insurance requirements where applicable, a bank or trust company may organize as a limited liability company pursuant to title 48, chapters 201-249.
(b) The department shall have the authority to promulgate rules and regulations specifying the conditions under which a bank or trust company may organize as a limited liability company.
(c) To the extent title 48, chapters 201-249 is consistent with and not in conflict with this chapter and the rules and regulations of the department, title 41, chapters 201-249 shall apply to a bank or trust company that has organized as a limited liability company.
[Acts 2006, ch. 660, § 4.]