§ 23-51-158 — Authority to liquidate - Publication

If the Bank Commissioner shall approve the liquidation, the commissioner shall issue to the state trust company under the commissioner's seal, a permit for that purpose. No such permit shall be issued by the commissioner until the commissioner shall be satisfied that provision has been made by the state trust company to satisfy and pay off all creditors. If not so satisfied, the commissioner shall refuse to issue a permit, and shall be authorized to take possession of the state trust company and its assets and business, and hold the same and liquidate the state trust company in the manner provided in this chapter. When the commissioner shall approve the voluntary liquidation of a state trust company, the directors of said state trust company shall cause to be published in a newspaper with a substantially statewide circulation published in the City of Little Rock a notice that the state trust company is closing down its affairs and going into liquidation, and notify its creditors to present their claims for payment. The notice shall be published once a week for four consecutive weeks.

Legislative History

Acts 1997, No. 940, § 58.