12 USC 215a-2 - Expedited procedures for certain reorganizations

U.S Code last checked for updates: Nov 22, 2024

§ 215a–2.

Expedited procedures for certain reorganizations

(a)

In general

(b)

Reorganization plan

A reorganization authorized under subsection (a) shall be carried out in accordance with a reorganization plan that—

(1)

specifies the manner in which the reorganization shall be carried out;

(2)

is approved by a majority of the entire board of directors of the national bank;

(3)

specifies—

(A)

the amount of cash or securities of the bank holding company, or both, or other consideration to be paid to the shareholders of the reorganizing bank in exchange for their shares of stock of the bank;

(B)

the date as of which the rights of each shareholder to participate in such exchange will be determined; and

(C)

the manner in which the exchange will be carried out; and

(4)

is submitted to the shareholders of the reorganizing bank at a meeting to be held on the call of the directors in accordance with the procedures prescribed in connection with a merger of a national bank under section 215a of this title.

(c)

Rights of dissenting shareholders

(d)

Effect of reorganization

(e)

Approval under the Bank Holding Company Act

(Nov. 7, 1918, ch. 209, § 5, as added Pub. L. 106–569, title XII, § 1204(2), Dec. 27, 2000, 114 Stat. 3033.)

cite as: 12 USC 215a-2