§ 53-43.3. Officers and employees; share purchase and option plans.
§53‑43.3. Officers and employees; share purchase and option plans.
Subject to any applicablerules or regulations of the State Banking Commission, a bank (i) may grantoptions to purchase, sell or enter into agreements to sell shares of itscapital stock to its officers, directors, or employees, or all of such groups,for a consideration of not less than one hundred percent (100%) of the fairmarket value of the shares on the date the option is granted and (ii) may,pursuant to the terms of a stock purchase plan for the benefit of officers andemployees, sell shares of the bank's capital stock for a consideration of notless than eighty‑five percent (85%) of the fair market value of theshares on the date the purchase price is fixed. Provided, any stock optionplan for the benefit of officers, directors, and employees or any stockpurchase plan for the benefit of officers and employees shall not be effectiveuntil adopted by the board of directors of the bank and approved by the holdersof at least two‑thirds of the particular class or classes of stockentitled to vote on such proposal and by the Commissioner of Banks. In noevent shall the option to purchase such shares be for a consideration less thanthe par value thereof. (1967, c. 789, s. 7; 1973, c. 1127; 1981, c. 671, s.8; 1989, c. 187, s. 6.)