Attorney General Opinion No. 1988-099

Download or read book Attorney General Opinion No. 1988-099 written by Robert T. Stephan and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An option contract is a continuing offer which, when supported by consideration, may not be revoked by the offeror. An option to purchase an interest in a bank is not a direct or indirect ownership of that bank. However, such an option does constitute control over the subject matter of the agreement, and the arrangement would violate Kansas law which prohibits a bank holding company from directly or indirectly acquiring ownership or control of more than 5% of the shares of a bank which has not been in existence for five or more years. Cited herein: K.S.A. 1987 Supp. 9-521(a).