51A-15-1. Voluntary liquidation--Requirements for approval.
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/sd/title-51/chapter-51-15/51a-15-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding:
(1)The proposal to liquidate and dissolve has been approved by a vote of two - thirds of the outstanding voting stock at a meeting called for the purpose of considering such action.
(2)The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors.