Nevada Revised Statutes 673.4845 – Procedure; approval by savings bank and Commissioner; fee; regulations
1. A savings bank may reorganize, merge or consolidate with another state or federal savings bank, national bank, state bank or other insured depository institution, if the reorganization, merger or consolidation is based upon a plan which has been adopted by the board of directors and approved at a regular or special stockholders’ meeting which has been called to consider the action. The approval must rest on a favorable vote of a majority of the voting power of the savings bank as established by its articles.
Terms Used In Nevada Revised Statutes 673.4845
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. Any such plan for reorganization, merger or consolidation must be approved by the Commissioner, who shall satisfy himself or herself that the plan, if approved, would be equitable for the stockholders of the affected savings bank and other institutions subject to his or her jurisdiction and would not impair the usefulness or success of other properly conducted savings banks in the community. In submitting an application for approval of any such plan, each savings bank proposing to reorganize, merge or consolidate must provide a comprehensive review of its present financial statement and a projected view of the financial statement of the reorganized, merged or consolidated savings bank, bank or other depository institution.
3. Unless its action is specifically authorized by or taken in conformity with this chapter, no savings bank may, directly or indirectly:
(a) Reorganize, merge or consolidate.
(b) Assume liability to pay deposit accounts or other liabilities of any financial institution or any other organization, person or entity.
(c) Transfer assets to any financial institution or any other organization, person or entity in consideration of the transferee’s assumption of liability for any portion of the transferor’s deposit accounts, deposits or other liability.
(d) Acquire the assets of any financial institution or any other organization, person or entity.
4. Each application which is made under this section must be accompanied by a fee payment of not more than $300. The responsibility for payment of the fee must be shared equally by the savings banks participating in each proposed plan.
5. The Commissioner shall adopt regulations establishing the amount of the fee required pursuant to this section.