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BANKING BOARD v. COLUMBINE STATE BANK

No. C-1039.

569 P.2d 871 (1977)

The BANKING BOARD of the State of Colorado, Harry Bloom, State Bank Commissioner and their Successors in Office, Charles A. Schley, Harold Kountze, Jr., Kenneth H. Nordling, Will F. Nicholson, Jr. and Verner Eliason, as Applicants for Charter for the Proposed Colorado Bank-Tech Center, Petitioners, v. COLUMBINE STATE BANK, and Larry A. Mizel, Harold Guzofsky, Steven P. Levine, John Andrew Love and William B. Kemper, as Organizers of the Southeast State Bank, Respondents.

Supreme Court of Colorado, En Banc.

Rehearing Denied October 11, 1977.

Attorney(s) appearing for the Case

J. D. MacFarlane, Atty. Gen., Jean E. Dubofsky, Deputy Atty. Gen., Edward G. Donovan, Sol. Gen., John R. Rodman, Asst. Atty. Gen., Denver, for The Banking Board of the State of Colorado, Harry Bloom, State Bank Commissioner and their Successors in office.

Davis, Graham & Stubbs, Arthur E. Otten, Jr., Denver, for petitioners Schley, Kountze, Nordling, Nicholson and Eliason.

Banta & Eason, P. C., successor professional corporation to Simon, Eason, Hoyt & Malone, P. C., Richard L. Eason, Englewood, for respondent Columbine State Bank.

Rothgerber, Appel & Powers, A. Frank Vick, Jr., William P. Johnson, Denver, for respondents Larry A. Mizel, Harold Guzofsky, Steven P. Levine, John Andrew Love, and William B. Kemper.

KELLEY, Justice.

We granted certiorari to answer the following questions:

(1) Does a stock subscription agreement conditioned upon the approval of the board of governors of the federal reserve system satisfy the requirement of the Colorado Banking Code of 19571 that the stock of a proposed commercial bank be "fully subscribed"?2

(2) Are the state banking board and state bank commissioner required...

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