| | | A.__The superintendent may grant a partial or full waiver of | | the voting requirement for loans or other extensions of | | credit in excess of 10% of total capital for good cause | | shown.__In granting this waiver, the superintendent shall | | consider capital, management and resources of the financial | | institution or other relevant factors as determined by the | | superintendent. |
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| | | B.__Any waiver granted pursuant to paragraph A may be | | withdrawn by the superintendent upon written notice to the | | financial institution. |
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| | | Emergency clause. In view of the emergency cited in the preamble, | | this Act takes effect when approved. |
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| | | This bill authorizes the Superintendent of Banking to grant a | | partial or full waiver to the requirement that a financial | | institution making loans or extensions of credit in excess of 10% | | of total capital must be approved by the governing body or | | executive committee of that institution or corporation. |
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| | | There is no waiver provision for the prohibition against a | | financial institution making loans to one person in excess of 20% | | of its total capital. Also, the waiver may be withdrawn by the | | superintendent upon written notice to the financial institution. |
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