Section 5-2 - Special Definitions (a) As used in this Chapter: - (i) "Acceptance date" means the date of the acceptance notice.
- (ii) "Acceptance notice" means the notice required under Section 3(c) (i) Section 3(c)(ii), as the case may be.
- (iii) "Applicant" means the single incorporator or the group of incorporators named in an application. All financial institutions shall have at least five (5) incorporators, except for a trust company, which shall have at least one (1) incorporator.
- (iv) "Application" means the completed application prescribed in Section 3(a), including all exhibits and other materials attached to or otherwise filed simultaneously with the application form, together with all other information required by the Commissioner under Section 3.
- (v) "Commencement date" means, as the context may require, the acceptance date in the case of an application, the receipt date in the case of a petition, or the date of the hearing notice in the case of a submission.
- (vi) "Comment period" means the period of time that begins on the commencement date and ends on that date which is ten (10) days before the hearing.
- (vii) "FDIC application" means the application of a proposed institution for insurance of deposits by FDIC.
- (viii) "Hearing" means the public hearing by the Board on an application, as provided in the Board Regulations.
- (ix) "Incorporator" means an adult individual of sound mind who intends singly or with others to incorporate or organize a financial institution.
- (x) "Presiding officer" means the person designated by the Board to serve as the presiding officer of a hearing.
- (xi) "Proposed institution" means the financial institution that the applicant proposes to organize.