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Can you summarize KSST 9-520?
MISCELLANEOUS PROVISIONS > Same; ownership limitations; exceptions.
Short Summary
This legal document governs the ownership limitations for bank holding companies and their subsidiaries. It prohibits the direct or indirect acquisition of ownership or control of, or power to vote, any voting shares of a bank that holds Kansas deposits if, after such acquisition, the bank holding company and all subsidiaries would hold or control more than 15% of total Kansas deposits. However, there is an exemption that allows the acquisition of voting shares in case of an emergency to protect the public interest against the failure or probable failure of the bank. The term ‘Kansas deposits’ refers to all deposits, shares, or similar accounts held by banks, savings and loan associations, savings banks, and building and loan associations in Kansas. No specific penalties are mentioned in this document.
Whom does it apply to?
Bank holding companies and their subsidiaries
What does it govern?
Ownership limitations
What are exemptions?
The acquisition of voting shares of a bank is allowed if an emergency exists and the acquisition is deemed appropriate to protect the public interest against the failure or probable failure of the bank.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Kansas