412:5-404 Termination of authority of intra-Pacific bank. The authority of any intra-Pacific bank to engage in the business of a bank in this State pursuant to this part shall automatically terminate at such time as it no longer meets the definition of an intra-Pacific bank under section 412:5-400. In such case it shall:

(1) Immediately notify the commissioner of that circumstance;

(2) Cease accepting deposits in this State, and cease making loans and investments in this State;

(3) Within thirty days, adopt a plan for the orderly liquidation of its assets, or its orderly divestiture pursuant to this chapter, and submit such plan to the commissioner; and

(4) Take such other measures and actions as shall be directed by the commissioner. [L 1993, c 350, pt of 1]


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