Legal Seminar

§ 7-1-534. Approval or disapproval by department (a) Upon receipt of the articles of consolidation, share exchange, or merger and the filings required by Code Section 7-1-533, the department shall conduct such investigation as it may deem necessary to ascertain whether: … (4) The merger, share exchange, or consolidation would be consistent with adequate and sound

banking or fiduciary practice and in the public interest on the basis of: (A) The financial history and condition of the parties to the plan; (B) Their prospects; (C) The character of their management; and

(D) The convenience and needs of the area primarily to be served by the resulting institution, or by the acquiring corporation and the acquired bank or trust company in a share exchange. ______________________________________________________________________________ § 7-1-651. Membership; shares (d) Customers of a bank that have been acquired by a credit union as a result of a merger or purchase and where the bank will cease to exist, due to a voluntary or involuntary dissolution, shall become members of the credit union upon the effective date of the underlying transaction; provided, however, that nothing herein shall be deemed as permitting a public body to be a member of a credit union. As used in this subsection, the term "public body" shall have the same meaning as provided in Code Section 45-8-1.