§ 53-4. Examination by Commissioner; when certification to be refused; review by Commission.
§53‑4. Examination by Commissioner; when certification to be refused;review by Commission.
Upon receipt of a copy of thecertificate of incorporation of the proposed bank, the Commissioner of Banksshall at once examine into all the facts connected with the formation of suchproposed corporation including its location and proposed stockholders, and ifit appears that such corporation, if formed, will be lawfully entitled tocommence the business of banking, the Commissioner of Banks shall so certify tothe Secretary of State, unless upon examination and investigation he finds that
(1) The proposedcorporation is formed for any other than legitimate banking business; or
(2) That the character,general fitness, and responsibility of the persons proposed as stockholders insuch corporation and directors, officers, and other managerial officials arenot such as to command the confidence of the community in which said bank isproposed to be located; or
(3) That the probablevolume of business and reasonable public demand in such community is notsufficient to assure and maintain the solvency of the new bank and of the thenexisting bank or banks in said community; or
(4) That the name of theproposed corporation is likely to mislead the public as to its character orpurpose; or
(5) That the proposedname is the same as the one already adopted or appropriated by an existing bankin this State, or so similar thereto as to be likely to mislead the public.
Upon such certification theSecretary of State shall issue and record such certificate of incorporation.
Notwithstanding any otherprovisions of this section, the Commissioner of Banks shall not make thecertification to the Secretary of State described above until he shall haveascertained that the establishment of such bank will meet the needs and promotethe convenience of the community to be served by the bank. Any action taken bythe Commissioner of Banks pursuant to this section shall be subject to reviewby the State Banking Commission which shall have the authority to approve,modify or disapprove any action taken or recommended by the Commissioner ofBanks. (1921, c. 4, s. 4; Ex. Sess. 1921, c. 56, s. 1; C.S.,s. 217(c); 1931, c. 243, s. 5; 1953, c. 1209, s. 1; 1963, c. 793, s. 1; 1967,c. 789, s. 2.)