51A-6A-49. Reason for disapproval of acquisition.
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/sd/title-51/chapter-51-6/51a-6a-49·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director may disapprove any proposed acquisition if:
(1)The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the trust business in any part of this state;
(2)The financial condition of any acquiring person is such as might jeopardize the financial stability of the trust company or prejudice the interests of the clients of the trust company;
(3)The competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the clients of the trust company or in the interest of the public to permit such person to control the trust company; or
(4)Any acquiring person neglects, fails, or refuses to furnish the director all the information required by the director.