369.086. Savings and loan holding company, defined--subsidiary, defined--registration, examination and regulation by division.
Savings and loan holding company, defined--subsidiary,defined--registration, examination and regulation by division.
369.086. 1. A "savings and loan holding company" is anindividual or company which, directly or indirectly, or acting inconcert with one or more other persons, owns, controls, or holdswith power to vote or holds proxies to vote twenty-five percentor more of the outstanding voting stock of any stock associationor savings and loan holding company located in this state; orcontrols in any manner, whether by the holding of proxies orotherwise, the election of a majority of the directors of anyassociation or savings and loan holding company located in thisstate. A "subsidiary" of an individual or company is any companynot less than ten percent of the shares of which are directly orindirectly controlled by such individual or company.
2. Each savings and loan holding company and eachsubsidiary thereof shall register with the director of thedivision of finance within sixty days after becoming a savingsand loan holding company. Following registration, a savings andloan holding company organized under the laws of this state,domiciled in this state or controlling an association organizedunder the laws of this state, shall be subject to examination bythe division and file with the director such reports as may berequired by regulation.
3. A savings and loan holding company under this sectionmay engage in all activities as the director of the division offinance may by regulation establish or by specific applicationpermit.
4. A savings and loan holding company may acquire controlof an association or savings and loan holding company uponapplication to and prior written approval of the director of thedivision of finance. The application shall be in a formprescribed by the director and contain such information as willenable the director of the division of finance to determine ifsuch acquisition is consistent with the interests of maintaininga sound financial system and, further, that the proposedacquisition does not afford a basis for supervisory objection.
(L. 1983 H.B. 570 § 369.085, A.L. 1994 H.B. 1165)Effective 7-6-94