TITLE 19

Financial institutions

CHAPTER 19-7

Interstate Banking, Interstate Branching and Bank Holding Company Mergers and

Acquisitions

SECTION 19-7-8



   § 19-7-8  Special definitions applicable to

mergers, etc. –

For purposes of this chapter:



   (1) The surviving or new bank resulting from a merger or

consolidation, as the case may be, shall be called the "successor financial

institution" or "successor bank", as applicable;



   (2) Each bank discontinuing its corporate existence pursuant

to a merger or consolidation shall be called a "predecessor financial

institution" or "predecessor bank", as applicable;



   (3) The bank purchasing assets and assuming liabilities and

acquiring offices and branches under an agreement of purchase and assumption

shall be called the "purchasing financial institution" or "purchasing bank", as

applicable;



   (4) The bank selling assets and permitting its liabilities to

be assumed and transferring branches and offices under an agreement shall be

called the "selling financial institution" or "selling bank", as applicable;



   (5) References to "articles of incorporation" in chapter 1.2

of title 7 shall be deemed to refer to the agreement to form, charter, or the

articles or agreement of association of each bank or financial institution

involved, as from time to time amended, however it may be described by the law

under which the institution is organized and whether or not it shall have been

created by any special act of incorporation.



History of Section.

(P.L. 1995, ch. 82, § 45; P.L. 2005, ch. 36, § 17; P.L. 2005, ch. 72,

§ 17.)