30.04.550 - Reorganization as subsidiary of bank holding company -- Authority.

Reorganization as subsidiary of bank holding company — Authority.

A state banking corporation may, with the approval of the director and the affirmative vote of the shareholders of such corporation owning at least two-thirds of each class of shares entitled to vote under the terms of such shares, be reorganized to become a subsidiary of a bank holding company or a company that will, upon consummation of such reorganization, become a bank holding company, as defined in the federal bank holding company act of 1956, as amended.

[1994 c 92 § 36; 1986 c 279 § 40; 1982 c 196 § 1.]

Notes: Severability -- 1982 c 196: "If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [1982 c 196 § 11.]