Rule 1301:1-4-04 | Bank's purchase of its own shares.
No stock state bank that wants to purchase shares of its own stock pursuant to authority in its articles of incorporation shall make a purchase without prior written approval from the superintendent of financial institutions. To request the superintendents' approval, stock state a bank shall submit to the superintendent both of the following:
(A) A written plan proposing the purchase that shall address all of the following:
(1) The circumstances surrounding the transaction;
(2) How the stock state bank proposes to finance the share purchase;
(3) How and when the stock state bank will dispose of the shares; and
(4) Any other information the superintendent requires.
(B) Both of the following supporting documents:
(1) Certified board resolution evidencing the directors' decision to purchase the shares; and
(2) Pro forma financial statements.
Supplemental Information