26-906. CONVERSION OF NATIONAL INTO STATE BANK. (1) A national bank located in this state which follows the procedure prescribed by the laws of the United States to convert into a state bank, shall be granted a charter by the director unless he finds that the bank does not meet the standards as to location of offices, capital structure, and business experience and character of officers and directors for the incorporation of a state bank.
(2) The national bank may apply for such charter by filing with the director a certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the provisions of the laws of the United States governing the conversion of the national to a state bank, and the articles of incorporation, approved by the stockholders, for the government of the bank as a state bank.
History:
[26-906, added 1979, ch. 41, sec. 2, p. 99.]
Structure Idaho Code
Chapter 9 - CONSOLIDATION, SALE AND REORGANIZATION
Section 26-901 - RESULTING NATIONAL BANK.
Section 26-902 - RESULTING STATE BANK.
Section 26-903 - MERGER PROCEDURE — RESULTING STATE BANK.
Section 26-904 - MERGER — APPROVAL BY STOCKHOLDERS OF STATE BANKS.
Section 26-906 - CONVERSION OF NATIONAL INTO STATE BANK.
Section 26-907 - CONTINUATION OF CORPORATE ENTITY — USE OF OLD NAME.
Section 26-908 - SALE OF ASSETS OF BANK OR DEPARTMENT.
Section 26-909 - DISSENTING STOCKHOLDERS.