§ 19-10.1-2 - Notice of conversion. - Rhode Island Statutes

SECTION 19-10.1-2

   § 19-10.1-2  Notice of conversion. –Whenever a vote is taken pursuant to § 19-10.1-1 by a financialinstitution with capital stock to convert such financial institution into acorporation organized under the Rhode Island Business Corporation Act, it shallbe the duty of the board of directors or trustees thereof to cause notice ofthis fact to be certified, under the seal of the financial institution by itspresident, cashier, or treasurer, to the director of the Department of BusinessRegulation or the director's designee. If the director or the director'sdesignee approves of the act of conversion of the financial institutionpursuant to § 19-10.1-1, he or she shall certify the decision and issue anapproval upon the certificate setting forth the vote of the financialinstitution. The financial institution shall then publish a notice: (1) settingforth the vote and the director's approval; (2) advising that the financialinstitution will no longer be subject to the jurisdiction of the Rhode IslandDepartment of Business Regulation sixty (60) days after commencement of thepublication of such notice and; (3) notifying depositors and all otherinterested parties having claims relating to the financial institution's formerstatus as a regulated banking entity to present those claims against thefinancial institution for payment. Such notice shall be published in twelve(12) point bold faced type once each week for four (4) successive weeks in thelegal notices section of a newspaper of general circulation in which thefinancial institution is located.