In addition to powers regarding liquidation or reorganization, the banking board may,
in the interest of protecting the public and the depositors of a closed state bank
or national banking association with its principal office in this state, issue a new
bank charter to qualified individuals for the same location as the closed bank, contingent
upon the new bank assuming full liability for such deposits of the closed bank as
may be transferred to it. Under such conditions, a new charter may be issued summarily without the publication
of notice, without the holding of a public hearing, and without complying with any
of the other provisions and procedures specified in this code.
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