§ 19-8-5 - Issuance or denial of application. - Rhode Island Statutes

SECTION 19-8-5

   § 19-8-5  Issuance or denial ofapplication. – The director or the director's designee may disapprove any proposed acquisitionif:

   (1) The proposed acquisition of control would result in amonopoly or would be in furtherance of any combination or conspiracy tomonopolize or attempt to monopolize the business of banking;

   (2) The effect of the proposed acquisition of control may besubstantially to lessen competition or to tend to create a monopoly or would inany other manner be in restraint of trade, and the anticompetitive effects ofthe proposed acquisition of control are not outweighed in the public interestby the probable effect of the transaction in meeting the convenience and needsof the community to be served;

   (3) The financial condition of any acquiring person mightjeopardize the financial stability of the regulated institution or prejudicethe interests of the depositors of the regulated institution;

   (4) The competence, experience, or integrity of any acquiringperson or of any of the proposed management personnel indicates that it wouldnot be in the interest of the depositors of the regulated institution, or inthe interest of the public to permit the person to control the regulatedinstitution;

   (5) Any acquiring person neglects, fails, or refuses tofurnish the information required; or

   (6) The acquisition would not promote the public convenienceand advantage.