TITLE 19
Financial Institutions

CHAPTER 19-10
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.)