2012 Idaho Statutes
Title 26 - BANKS AND BANKING
Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
Section 26-2713 - SURRENDER OF LICENSE.
(2) Not less than sixty (60) days before filing an application with the director under subsection (1) of this section, a licensee shall notify all of its shareholders and all of its creditors of its intention to file the application. Each creditor shall be notified of the right to comment to the director. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty (60) day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the director. If shareholders representing twenty percent (20%) of the outstanding voting securities of the licensee file an objection, the licensee shall not proceed with the application under subsection (1) of this section unless the application is approved by a vote of shareholders representing two-thirds (2/3) of the outstanding voting securities of the licensee.
History:
[26-2713, added 1989, ch. 252, sec. 1, p. 610.]
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