This amendment adds a new conversion pathway allowing special purpose depository institutions to convert to state banks (in addition to the bill's public trust company conversion), and expands the applicability of state banking statutes to special purpose depository institutions.
- Expands the scope of entities eligible for conversion to include state banks in addition to public trust companies. (Page 1, line 3)
- Updates statutory references to include both the new state bank conversion statute (13-2-216) and the existing public trust company conversion statute (13-5-523), and changes the verb form from singular to plural to match the plural subject. (Page 1, line 15)
- Establishes a comprehensive new statutory section allowing special purpose depository institutions to convert their charter to a state bank under procedures requiring commissioner approval, board approval, a conversion application with comprehensive plan, shareholder approval, and issuance of a certificate of authority to operate as a state bank. (Page 1, lines 8-21)
- Amends the exemption from state banking provisions to specify that the exemption applies to W.S. 13-2-201 through 13-2-214 except as otherwise provided in the new state bank conversion statute (13-2-216). (Page 5, lines 17-24 and after line 23)
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