Acquisition Of Bidco — Approval Required

TITLE 26 BANKS AND BANKING CHAPTER 27 BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS 26-2721. Acquisition of Bidco — Approval required. (1) Without the prior approval of the director, a person shall not acquire control of a licensee. (2)  With respect to an application for approval to acquire control of a licensee, if the director determines, that the applicant and the directors and officers of the applicant are of good character and sound financial standing; that it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with this chapter; and that the applicant’s plans, if any, to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee, the director shall approve the application. If, after notice and a hearing, the director determines otherwise, the director shall deny the application. (3)  For purposes of subsection (2) of this section, the director may determine any of the following: (a)  That an applicant or a director or officer of an applicant is not of good character if that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty. (b)  That an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director or officer of the licensee and that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty. (4)  The conditions described in subsection (3) of this section are not the only conditions upon which the director may determine that an applicant or a director or an officer of an applicant is not of good character or that an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee.