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Can you summarize RIGL Title 19, Chapter 8?
Financial institutions > Depository Change in Control Act
Short Summary
The provided legal document content pertains to the Depository Change in Control Act under the State of Rhode Island General Laws. This act governs the process and requirements for acquiring a regulated financial institution. The application for acquisition must include information such as the personal history, business background, and experience of the acquiring person, including any pending legal proceedings or criminal convictions. It also requires the disclosure of financial statements, details of the proposed acquisition, the source and amount of funds used, and any plans or proposals for major changes in the institution’s business or management. Additionally, the application must include information about individuals employed or compensated to assist in the acquisition, copies of tender offer advertisements, and evidence of majority shareholder approval. The document does not specify any exemptions or penalties. The information provided is based on the State of Rhode Island General Laws and subsequent amendments.
Whom does it apply to?
Regulated financial institutions
What does it govern?
Depository Change in Control Act
What are exemptions?
The application process and public hearing requirement may be waived by the director, or the directors designee, in writing, when, in the public interest, the change in control results from any regulatory action in order to prevent a probable failure or default of the regulated institution.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Rhode Island