§ 23-51-157 — Corporate procedure

Shareholder action to liquidate a state trust company shall be taken at a meeting of the shareholders duly called by resolution of the board of directors, written notice of which, stating the purpose of the meeting, shall be mailed to each shareholder, or in case of a shareholder's death, to the shareholder's legal representative, addressed to the shareholder's last known residence not less than ten (10) days prior to the date of the meeting. If stockholders shall, by the required vote, elect to liquidate a trust company, a certified copy of all proceedings of the meeting at which such an action shall have been taken, attested by an officer of the trust company, shall be transmitted to the Bank Commissioner for approval.

Legislative History

Acts 1997, No. 940, § 57.