C.R.S. Section 11-103-809
Emergency grant of branch facility

  • legislative declaration

(1)

The general assembly hereby finds, determines, and declares that the economy of this state and its communities and the public interest will be better served by permitting financial institutions, as defined in section 11-101-401 (35), to operate at the same location as a closed bank.

(2)

Intentionally left blank —Ed.

(a)

In addition to powers regarding liquidation or reorganization, the banking board, in the interest of protecting the public and the depositors of a closed bank or national banking association with its principal place of business in this state, may issue an emergency grant of authority to another financial institution, which financial institution has acquired assets and liabilities of the closed bank, to operate a branch facility at the same location as the closed bank, or within a one-half mile radius of the location of the nearest point on the boundary of the premises of the closed bank’s place of business, contingent upon the bank assuming full liability for the deposits of the closed bank as may be transferred to it. Such branch facility shall not be located at any other location if the other location is within three hundred feet of the boundary of the premises of another bank unless the other bank consents to a closer location.

(b)

Under such conditions, the authority to operate the branch facility may be issued summarily without the publication of notice, without the holding of a public hearing, and without complying with any of the other provisions and procedures specified in this code.

(3)

No financial institution may hold, acquire, control, or operate more than two branch facilities pursuant to this section; however, if the banking board determines that, because of this limitation, no qualified financial institution can bid on the assets and liabilities of the closed bank, the banking board may authorize and issue such an emergency grant to another financial institution, in excess of such limit, but in no event more than two additional branch facilities.

(4)

Notwithstanding any other provision of this section, a branch facility operated pursuant to this section on or before August 1, 1991, may continue to operate in perpetuity as a branch without being subject to any percentage limitation on branches as set forth in section 11-105-602.

Source: Section 11-103-809 — Emergency grant of branch facility - legislative declaration, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑103‑101
General corporate powers 11‑103‑102
Trust, fiduciary, and agency powers - when authorized 11‑103‑103
State bank organized as a limited liability company 11‑103‑201
Capital 11‑103‑202
Inadequacy of capital - assessments 11‑103‑203
Liability of shareholders 11‑103‑301
Incorporators 11‑103‑302
Application fees 11‑103‑303
Application for de novo charter or charter conversion 11‑103‑304
Procedure for granting or denying charter 11‑103‑401
Subscription calls 11‑103‑402
First meetings of stockholders - director’s oath - bylaws 11‑103‑403
Stockholders’ meetings - voting trusts - preemptive right - transfer of stock 11‑103‑404
Waiver of notice - meeting or vote 11‑103‑405
Amendment of articles - change of location - authorized but unissued stock 11‑103‑406
Dividends - when payable 11‑103‑501
Directors and officers 11‑103‑502
Directors’ meetings - duties 11‑103‑503
Waiver of notice - meeting or vote 11‑103‑601
Director and officer insurance and fidelity bonds - legislative declaration 11‑103‑602
Indemnification and personal liability of directors, officers, employees, and agents 11‑103‑603
Deposit insurance - membership in federal reserve system - federal national mortgage association 11‑103‑701
Merger or conversion 11‑103‑702
Approval of merger by directors 11‑103‑703
Approval by banking board 11‑103‑704
Approval by stockholders - rights of dissenters 11‑103‑705
Effective date of merger - certificate 11‑103‑706
Continuation of corporate entity 11‑103‑707
Conversion from state bank to national and vice versa 11‑103‑708
Nonconforming assets 11‑103‑709
Sale of all assets of bank, branch, or department 11‑103‑801
Voluntary liquidation and dissolution 11‑103‑802
Involuntary liquidation by banking board - reorganization 11‑103‑803
Reorganization plan 11‑103‑804
Liquidation by commissioner - procedure 11‑103‑805
Federal deposit insurance corporation or successor as liquidator 11‑103‑806
Assets sold or pledged as security 11‑103‑807
Enforcement of directors’ liability 11‑103‑808
Emergency grant of new charter 11‑103‑809
Emergency grant of branch facility - legislative declaration 11‑103‑810
Preapproved shelf charter
Green check means up to date. Up to date

Current through Fall 2024

§ 11-103-809’s source at colorado​.gov