Section 06.05.355. Deposit insurance required.

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   (a) The department may require a state bank, either at the time the bank applies for a certificate of authority or during the bank's existence, to become a member of the Federal Deposit Insurance Corporation.
   (b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.
   (c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of membership, or failure to become a member after the department directs the bank to become a member constitutes cause for the department to take possession of the bank in the manner provided by this chapter.

Notes

History

(Sec. 3.213 ch 129 SLA 1951; am Sec. 1 ch 89 SLA 1970; am Sec. 28 ch 169 SLA 1978; am Sec. 61, 62 ch 26 SLA 1993)

                    
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