51A-3-24. Reporting transfers of stock.
120 words·~1 min read·
/sd/title-51/chapter-51-3/51a-3-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All transfers of shares of bank stock in excess of five percent of the voting stock of a bank or of its parent holding company shall be immediately reported to the director. The transfer of such shares is not valid against a bank until recorded in the transfer books, but none may be recorded while the bank is subject to an order of the director to make good an impairment of capital. Any transfer shall be reported to the director if, after the transfer, the acquiring shareholder owns, directly or indirectly, twenty - five percent or more of the common stock of a bank or bank holding company unless notice of such fact had previously been reported to the director.