Financial institutions

Voluntary Liquidation

SECTION 19-10-1

§ 19-10-1 Power to liquidate – Appointment of agent.

Any financial institution or credit union that is solvent may, subject to the approval of the director or the director's designee, liquidate and be closed by a vote of its stockholders owning two thirds (2/3) of its capital stock or in the case of a mutually owned savings bank, two thirds (2/3) of its depositors or in the case of credit unions, two thirds (2/3) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director or the director's designee for approval.

History of Section.
(P.L. 1995, ch. 82, § 48.)