26-2713. SURRENDER OF LICENSE. (1) Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (2) of this section, a licensee may apply to the director to have the director accept the surrender of the licensee’s license. If the director determines that the requirements of this section have been satisfied, the director shall approve the application unless in the opinion of the director the purpose of the application is to evade a current or prospective action by the director pursuant to this chapter.
(2) Not less than sixty (60) days before filing an application with the director under subsection (1) of this section, a licensee shall notify all of its shareholders and all of its creditors of its intention to file the application. Each creditor shall be notified of the right to comment to the director. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty (60) day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the director. If shareholders representing twenty percent (20%) of the outstanding voting securities of the licensee file an objection, the licensee shall not proceed with the application under subsection (1) of this section unless the application is approved by a vote of shareholders representing two-thirds (2/3) of the outstanding voting securities of the licensee.
History:
[26-2713, added 1989, ch. 252, sec. 1, p. 610.]
Structure Idaho Code
Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
Section 26-2701 - PURPOSE OF CHAPTER.
Section 26-2702 - DEFINITIONS.
Section 26-2703 - POWERS OF DIRECTOR.
Section 26-2704 - APPLICATIONS — INVESTIGATIONS — SERVICE OF PROCESS.
Section 26-2707 - ANNUAL REPORT TO LEGISLATURE REQUIRED.
Section 26-2708 - ANNUAL LICENSE REVIEW BY DIRECTOR.
Section 26-2709 - REQUIREMENTS FOR LICENSURE.
Section 26-2710 - PRELIMINARY APPROVAL — DENIAL IN WRITING — POSTING OF LICENSE.
Section 26-2711 - USE OF BIDCO NAME RESTRICTED — EXCEPTION.
Section 26-2712 - DUAL LICENSURE — EXCEPTIONS.
Section 26-2713 - SURRENDER OF LICENSE.
Section 26-2714 - CORPORATE NAME — DIRECTORS — DIVIDENDS — RESTRICTION ON USE OF PUBLIC MONEYS.
Section 26-2715 - OFFICES — LOCATION.
Section 26-2716 - BUSINESS ACTIVITIES — CORPORATE POWERS.
Section 26-2717 - FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES.
Section 26-2718 - BIDCO ACQUIRING ANOTHER FIRM — APPLICATION — REQUIREMENTS.
Section 26-2719 - SOUND BUSINESS PRACTICES REQUIRED.
Section 26-2720 - CONFLICT OF INTEREST — DEFINED.
Section 26-2721 - ACQUISITION OF BIDCO — APPROVAL REQUIRED.
Section 26-2722 - MERGER — REQUIREMENTS — APPLICATIONS.
Section 26-2723 - VIOLATION OF CHAPTER — DIRECTOR’S POWERS — HEARINGS — CEASE AND DESIST.
Section 26-2724 - VIOLATION OF CHAPTER — REMOVAL OF SUBJECT PERSON.
Section 26-2725 - INDICTMENT OR CONVICTION OF A CRIME — REMOVAL OF SUBJECT PERSON.
Section 26-2726 - DISCLOSURE TO SHAREHOLDERS — BOARD OF DIRECTORS.
Section 26-2727 - ORDER TO REFRAIN FROM OFFERING FINANCIAL ASSISTANCE — CONDITIONS — HEARING.
Section 26-2728 - APPOINTMENT OF TRUSTEE — LIQUIDATION OF THE BIDCO — PROCEDURE.
Section 26-2729 - VIOLATION OF CHAPTER — CIVIL PENALTIES.
Section 26-2730 - PROHIBITED ACTS — EXCEPTIONS — PENALTIES.
Section 26-2731 - CONSTRUCTION — PROMULGATION OF RULES — APPLICABILITY OF CHAPTER.