26-2721. ACQUISITION OF BIDCO — APPROVAL REQUIRED. (1) Without the prior approval of the director, a person shall not acquire control of a licensee.
(2) With respect to an application for approval to acquire control of a licensee, if the director determines, that the applicant and the directors and officers of the applicant are of good character and sound financial standing; that it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with this chapter; and that the applicant’s plans, if any, to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee, the director shall approve the application. If, after notice and a hearing, the director determines otherwise, the director shall deny the application.
(3) For purposes of subsection (2) of this section, the director may determine any of the following:
(a) That an applicant or a director or officer of an applicant is not of good character if that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.
(b) That an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director or officer of the licensee and that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.
(4) The conditions described in subsection (3) of this section are not the only conditions upon which the director may determine that an applicant or a director or an officer of an applicant is not of good character or that an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee.
History:
[26-2721, added 1989, ch. 252, sec. 1, p. 616.]
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.