Sec 6-205. Term of permit; surrender; revocation

Latest version.

A. A banking permit shall be valid until surrendered to the superintendent or revoked by him.

B. No banking permit may be surrendered to the superintendent until such time as the superintendent finds that all of the deposit liabilities of the bank have been satisfied in full or assumed by another bank.

C. A banking permit expires automatically when a bank is placed in receivership.

                    
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