Section 392-A:6 Reports; Change in Control.
In addition to any reports that are required to be submitted by a trust company under state laws and regulations, a merchant bank shall submit a quarterly report to the bank commissioner describing its business activities for the quarter. The merchant bank shall also submit an annual report to the bank commissioner listing all of the investors in the bank and the amount of their respective investments and voting rights, which report shall be accompanied by a certificate signed by each investor who has not previously submitted a certificate to the bank commissioner attesting to its eligibility to invest in the merchant bank. No change in control of a merchant bank shall occur without the prior approval of the bank commissioner. The term ""change of control'' shall mean the direct or indirect acquisition by a person or group of persons acting in concert of 10 percent or more of the beneficial ownership or control of the voting shares. The person or group seeking to acquire control of the merchant bank shall submit an application to the bank commissioner for approval which shall contain such financial, business, experience, and other information as the bank commissioner shall require to determine whether such person or group is suitable to exercise control of a merchant bank. Upon receipt of a complete application, the bank commissioner may hold a hearing on such application and shall make a decision within 60 days after receipt of the application.
Source. 1998, 284:2, eff. Aug. 25, 1998.