NRS 673.5911 Procedure; applicable law; power to sell and transfer assets.

508 words·~2 min read·/nv/chapter-673-savings-banks/673-5911·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Except as otherwise provided in this section, a savings bank may go into voluntary liquidation pursuant to the provisions of NRS 78.580 or 86.491 .

2. If the voluntary liquidation of the savings bank results from a vote or agreement of the stockholders or members of the savings bank, a certified copy of all proceedings of the meeting at which that action is taken, verified by the oath of the president or a manager, must be transmitted to the Commissioner for the Commissioner’s approval. If the Commissioner approves the liquidation, the Commissioner shall issue to the savings bank, under the Commissioner’s seal, a permit for that purpose.

No permit may be issued by the Commissioner until the Commissioner is satisfied that provision has been made by the savings bank to satisfy and pay off all depositors and all creditors of the savings bank. If the Commissioner is not satisfied, the Commissioner shall not issue a permit, but the Commissioner may take possession of the savings bank, its assets and business, and liquidate the savings bank in the manner provided by this chapter.

3. When the Commissioner approves the voluntary liquidation of a savings bank pursuant to subsection 2, the directors or managers of the savings bank shall cause to be published, in a newspaper in the city, town or county in which the main office of the savings bank is located, a notice that the savings bank is closing its affairs and going into liquidation, and that its depositors and creditors are to present their claims for payment.

4. When any savings bank is in the process of voluntary liquidation, it is subject to examination by the Commissioner, and the savings bank shall furnish such reports, from time to time, as may be called for by the Commissioner.

5. All unclaimed deposits and dividends remaining in the hands of the savings bank are subject to the provisions of this chapter.

6. Any savings bank that is in the process of voluntary liquidation may sell and transfer to any other state bank, national bank or federal savings bank all or any portion of its assets of every kind upon such terms as may be agreed upon and approved by the Commissioner and by a majority vote of the savings bank’s board of directors or of its managers. A certified copy of the minutes of any meeting at which that action is taken, under the oath of the president or a manager, and a copy of the contract of sale and transfer must be filed with the Commissioner.

7. If a voluntary liquidation or the sale and transfer of the assets of any savings bank is approved by the Commissioner, a certified copy of that approval under seal of the Commissioner, filed in the Office of the Secretary of State, authorizes the cancellation of the articles of incorporation or organization of the savings bank, subject to its continued existence, as provided by law.

Liquidation of Insured Savings Banks