51A-15-2. Ceasing to do business and winding up affairs on voluntary liquidation.
44 words·~1 min read·
/sd/title-51/chapter-51-15/51a-15-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon approval by the commission, pursuant to § 51A-15-1 , a bank shall forthwith cease to do business, shall have only the powers necessary to effect an orderly liquidation and shall proceed to pay its depositors and creditors and to wind up its affairs.