Sec 6-147. Denial of application; grounds

A. With respect to the proposed acquisition of control of a bank, trust company, savings and loan association or controlling person, an application shall be denied if the superintendent finds any of the following:

1. That the financial condition of any person who would acquire control is such as may jeopardize the financial stability of the bank, trust company or savings and loan association, or prejudice the interests of the depositors, beneficiaries, creditors and shareholders of the bank, trust company or savings and loan association.

2. That a plan or proposal to liquidate the bank, trust company or savings and loan association, to merge or consolidate the bank, trust company or savings and loan association or to make any other major change in the business, corporate structure or management of the bank, trust company or savings and loan association is not fair and reasonable to the depositors, beneficiaries, creditors or shareholders of the bank, trust company or savings and loan association.

3. That the overall moral character or integrity of any person who would acquire control indicates that it would not be in the interest of the depositors, beneficiaries, creditors or shareholders of the bank, trust company or savings and loan association, or in the interest of the public, to permit such person to control the bank, trust company or savings and loan association.

4. That the applicant neglects, fails or refuses to furnish to the superintendent any information required by the superintendent.

5. That it is contrary to law.

B. The superintendent may, in approving a proposal to acquire control of a bank, trust company or savings and loan association, impose such conditions as he deems reasonable, necessary or advisable in the public interest.