Rhode Island General Laws 19-10.1-2. Notice of conversion
Whenever a vote is taken pursuant to § 19-10.1-1 by a financial institution with capital stock to convert such financial institution into a corporation organized under the Rhode Island Business Corporation Act, it shall be the duty of the board of directors or trustees thereof to cause notice of this fact to be certified, under the seal of the financial institution by its president, cashier, or treasurer, to the director of the department of business regulation, or the director’s designee. If the director, or the director’s designee, approves of the act of conversion of the financial institution pursuant to § 19-10.1-1, he or she shall certify the decision and issue an approval upon the certificate setting forth the vote of the financial institution. The financial institution shall then publish a notice: (1) Setting forth the vote and the director’s approval; (2) Advising that the financial institution will no longer be subject to the jurisdiction of the Rhode Island department of business regulation sixty (60) days after commencement of the publication of such notice; and (3) Notifying depositors and all other interested parties having claims relating to the financial institution’s former status as a regulated banking entity to present those claims against the financial institution for payment. Such notice shall be published in twelve-point (12) bold-faced type once each week for four (4) successive weeks in the legal notices section of a newspaper of general circulation in which the financial institution is located.
History of Section.
P.L. 2005, ch. 206, § 1; P.L. 2005, ch. 335, § 1.
Terms Used In Rhode Island General Laws 19-10.1-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15