§ 19-7-8. Special definitions applicable to mergers, etc.
For purposes of this chapter:
(1) The surviving or new bank resulting from a merger or consolidation, as the case may be, shall be called the “successor financial institution” or “successor bank”, as applicable;
(2) Each bank discontinuing its corporate existence pursuant to a merger or consolidation shall be called a “predecessor financial institution” or “predecessor bank”, as applicable;
(3) The bank purchasing assets and assuming liabilities and acquiring offices and branches under an agreement of purchase and assumption shall be called the “purchasing financial institution” or “purchasing bank”, as applicable;
(4) The bank selling assets and permitting its liabilities to be assumed and transferring branches and offices under an agreement shall be called the “selling financial institution” or “selling bank”, as applicable;
(5) References to “articles of incorporation” in chapter 1.2 of title 7 shall be deemed to refer to the agreement to form, charter, or the articles or agreement of association of each bank or financial institution involved, as from time to time amended, however it may be described by the law under which the institution is organized and whether or not it shall have been created by any special act of incorporation.
History of Section.P.L. 1995, ch. 82, § 45; P.L. 2005, ch. 36, § 17; P.L. 2005, ch. 72, § 17.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Section 19-7-1. - Definitions.
Section 19-7-2. - Acquisitions authorized.
Section 19-7-3. - Interstate mergers of stock financial institutions.
Section 19-7-4. - Interstate mergers of mutual financial institutions.
Section 19-7-5. - General effect of merger or consolidation.
Section 19-7-6. - Interstate purchases of assets and assumptions of liabilities.
Section 19-7-7. - Powers authorized.
Section 19-7-8. - Special definitions applicable to mergers, etc.
Section 19-7-9. - Interstate branches.
Section 19-7-10. - Federally chartered institutions.