7-1-713 - Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion.
7-1-713. Conversion of financial institution -- Approval required -- Procedure --Federal-state conversion.
(1) Any financial institution authorized to do business as a particular class of financialinstitution under any chapter of this title may convert to an institution authorized to do businessunder another chapter by applying to the department for approval in the manner provided inSection 7-1-706.
(2) If the commissioner approves the conversion, the institution shall immediatelysurrender its former charter to the commissioner. Under its new charter as a financial institution ofa different class, it is entitled to all the benefits and powers conferred under the applicable chapterto other financial institutions of that class and is subject to examination, supervision, andregulation to the same extent as all other financial institutions of that class.
(3) Any depository institution organized under the laws of this state may convert to adepository institution organized under the laws of the United States upon compliance with thelaws of the United States and upon surrender of its charter to the commissioner.
(4) Any depository institution organized under the laws of the United States or any otherstate that is authorized to do business in this state may convert into a depository institution subjectto the jurisdiction of the department by applying to the department for approval in the mannerprovided in Section 7-1-706.
Amended by Chapter 200, 1994 General Session