Sale of Association Assets

PURPOSE: This rule permits an association to sell all or substantially all of its assets to a bank or trust company. An association may sell or transfer in bulk, and not in the regular and usual course of its business, all or substantially all of its assets, including its name and goodwill, to a bank or trust company. No such sale or transfer shall occur, however, without the prior approval of the director of the Division of Finance. AUTHORITY: sections 362.105.3, 369.089, 369.299(2) and 369.144(7), RSMo 1994.* This rule originally filed as 4 CSR 14024.090. Emergency rule filed Sept. 21, 1994, effective Oct. 1, 1994, expired Jan. 28, 1995. Original rule filed Sept. 21, 1994, effective Feb. 26, 1995. Moved to 20 CSR 114024.090, effective Aug. 28, 2006. *Original authority: 362.105.3, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986, 1990, 1991, 1992, 1994; 369.089, RSMo 1971, amended 1982, 1994; 369.144(7), RSMo 1971, amended 1982, 1983, 1984, 1989, 1994; and 369.299(2), RSMo 1971, amended 1994.