SECTION 85:25-3-21. Report of change in controlling interest

Latest version.

  A report to the Commissioner is required when control of an association changes. Such report shall include:
(1)   Number of shares sold and by whom;
(2)   Number of shares purchased and by whom;
(3)   Cost per share;
(4)   Whether or not a loan was obtained by the purchaser for the purpose of purchasing the stock, and if so, the amount, number of shares pledged, other collateral pledged, rate and terms;
(5)   A resume of the past business operation and experience of the purchaser(s), together with financial statements dated within six (6) months.

[Source: Transferred from 625:10-3-2 (see Editor’s Note at beginning of this Chapter)]

                    
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