SECTION 85:25-3-11. Branch office closing

(a)   A savings and loan may elect to discontinue a branch office with the approval of the Commissioner. In order to gain approval, the savings and loan must:

(1)   submit a resolution of its board of directors authorizing the closing;

(2)   post a notice of the closing at both the branch location and the main office of the savings and loan for thirty (30) days prior to the closing. Said notice shall state the effective date of the closing and indicate the location of the savings and loan's closest office;

(3)   submit an affidavit stating that the notice posting requirement has been met;

(4)   either publish notice of the closing once a week for two weeks in a legal newspaper in general circulation in the community where the branch is located or furnish written notice to depositors and safe deposit box holders at the branch to be closed; and

(5)   submit a copy of the proof of publication or written notice.

(b)   The Commissioner shall approve the branch closing absent grievous and compelling reasons for denial.

[Source: Transferred from 625:10-1-11 (see Editor’s Note at beginning of this Chapter)]