In the event the Commissioner determines that a bank or savings association is in imminent danger of failing and the deposit liability of such bank or savings association is to be assumed by a state bank or state savings association being organized or establishing a branch for that purpose, the Commissioner, or in the case of a state bank upon approval of the Board at a meeting closed to the public, is empowered to grant authority to organize a state bank and issue a certificate of authority, or to grant authority to establish a branch and issue a certificate to maintain and operate a branch, without notice or hearing, and shall not be bound by the provisions, restrictions and requirements contained in Sections 301 through 306.1 of this title and Sections 307.1 through 313 of this title. The Commissioner is further empowered in such event to grant authority to organize a state savings association and issue a certificate of authority, or to grant authority to establish a branch and issue a certificate to maintain and operate a branch, without notice or hearing and without action of the Board.

Added by Laws 1993, SB 31, c. 183, § 7, emerg. eff. July 1, 1993; Amended by Laws 1997, HB 2173, c. 111, § 25, emerg. eff. July 1, 1997 (superseded document available).