Louisiana Revised Statutes 6:538 – Five-year continuous operation requirement
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Terms Used In Louisiana Revised Statutes 6:538
- Bank: means any "insured bank" as such term is defined in Section 3(h) of the Federal Deposit Insurance Act, 12 U. See Louisiana Revised Statutes 6:532
- Bank holding company: means any company that directly or indirectly controls a bank, and, unless the context requires otherwise, includes a Louisiana bank holding company, an out-of-state bank holding company, or a foreign bank holding company. See Louisiana Revised Statutes 6:532
- Commissioner: means the commissioner of financial institutions for the state of Louisiana. See Louisiana Revised Statutes 6:532
- Louisiana bank: means a bank that has Louisiana as its home state. See Louisiana Revised Statutes 6:532
The commissioner shall not approve an application for an acquisition under this Part unless the Louisiana bank to be acquired, or at least one Louisiana bank subsidiary of the bank holding company to be acquired, has as of the proposed date of acquisition been in existence and in continual operation for at least five years.
Acts 1986, No. 577, §1, eff. July 2, 1986; Acts 1995, No. 1249, §1.