Title 3 Banking - Chapter I General Regulations of the Superintendent - Part 26 Stock Options - General Provisions - s 26.3 Preliminary approval.


Published: 2021-01-15

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month, or Get a Day Pass for only USD$9.99.
(a) Following adoption of a plan by its board of directors, a bank may submit to the superintendent an application for preliminary approval of such plan. The application, to be submitted in triplicate, shall consist of:

(1) a copy of the plan;

(2) a certified copy of the resolution of the board of directors adopting the plan;

(3) drafts or printer's proofs of resolutions to be submitted to a stockholder's meeting:(i) authorizing adoption of the plan; and(ii) authorizing any appropriate amendments to the bank's organization certificate with regard to any increase in capital stock or other matters;

(i) authorizing adoption of the plan; and

(ii) authorizing any appropriate amendments to the bank's organization certificate with regard to any increase in capital stock or other matters;

(4) drafts or printer's proofs of the proposed certificate of amendment;

(5) an opinion of the bank's counsel that the provisions of the plan will permit compliance with the provisions of this Part;

(6) proposed proxy materials; and

(7) such other documents or information as the superintendent may require.

(b) The superintendent shall approve or disapprove in writing such application for preliminary approval.

(c) In the event the superintendent approves such application, the plan may be submitted to the stockholders of the bank.