(1)With the approval of
the banking board, a state bank may liquidate and dissolve. The banking board shall
grant such approval if it appears that the proposal to liquidate and dissolve has
been approved by a vote of two-thirds of the outstanding voting stock at a meeting
called for that purpose and that the capital of the state bank is adequate and such
state bank has sufficient liquid assets to pay off depositors and creditors
immediately.
(2)(a) Upon approval by the banking board, the 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.
(b)Within thirty days after the approval, a notice of liquidation shall be sent
by mail to each d
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(1) With the approval of
the banking board, a state bank may liquidate and dissolve. The banking board shall
grant such approval if it appears that the proposal to liquidate and dissolve has
been approved by a vote of two-thirds of the outstanding voting stock at a meeting
called for that purpose and that the capital of the state bank is adequate and such
state bank has sufficient liquid assets to pay off depositors and creditors
immediately.
(2) (a) Upon approval by the banking board, the 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.
(b) Within thirty days after the approval, a notice of liquidation shall be sent
by mail to each depositor, creditor, person interested in funds held as a fiduciary,
lessee of a safe deposit box, and bailor of property at the address of such person as
shown on the books of the bank. The notice shall be posted conspicuously on the
premises of the bank and shall be given such publication as the banking board may
require. The bank shall send with each notice a statement of the amount shown on
the books to be the claim of the depositor or creditor. The notice shall demand that
property held by the bank as bailee or in a safe deposit box be withdrawn by the
person entitled thereto and that claims of depositors and creditors, if the amount
claimed differs from that stated in the notice to be due, be filed with the bank
before a specified date not earlier than sixty days thereafter, in accordance with
the procedure prescribed in the notice.
(c) As soon after approval as may be practicable, the state bank shall resign
all fiduciary positions and take such action as may be necessary to settle its
fiduciary accounts.
(d) Safe deposit boxes, the contents of which have not been removed within
thirty days after demand, shall be opened. Sealed packages containing the
contents of such box, with a certificate of inventory of contents, together with any
other unclaimed property held by the bank as bailee and certified inventories
thereof shall be transferred to the banking board, which shall retain them for six
years unless sooner claimed by the person entitled to them. After six years the
banking board shall sell or otherwise appropriately dispose of the property. The
proceeds of any sale shall be transferred to the state treasurer as abandoned
funds.
(e) The approval of an application for liquidation shall not impair any right of
a depositor or creditor to payment in full, and all lawful claims of creditors and
depositors shall promptly be paid. The unearned portion of the rental of a safe
deposit box shall be returned to the lessee.
(f) Any assets remaining after the discharge of all obligations shall be
distributed to the stockholders in accordance with their respective interests. No
such distribution shall be made before all claims of depositors and creditors have
been paid or, in the case of any disputed claim, the bank has transmitted to the
banking board a sum adequate to meet any liability that may be judicially
determined and any funds payable to a depositor or creditor and unclaimed have
been transmitted to the banking board.
(3) Any unclaimed distribution to a stockholder or depositor shall be held
until ninety days after the final distribution and then transmitted to the banking
board. Such unclaimed funds shall be held by the banking board for six years and,
unless sooner claimed by the person entitled thereto, shall be transferred to the
treasury of the county in which the bank is located. The county treasurer and the
county treasurer's successors shall hold such money in trust for a period of six
years, unless the same shall be sooner paid out to the beneficial owner thereof or a
suit is instituted to recover such money or a portion thereof. Any money remaining
in said fund six years after the same is paid into the treasury of the county, for the
recovery of which no action is pending, shall be transferred to the general fund of
the county, and all rights of the former beneficial owners therein to recover the
same shall be forever barred.
(4) If the banking board finds that the assets will be insufficient for the full
discharge of all obligations, or that completion of the liquidation has been unduly
delayed, it may take possession and complete the liquidation in the manner
provided in this code for involuntary liquidations.
(5) The banking board may require reports of the progress of liquidation. If it
is satisfied that the liquidation has been properly completed, it shall cancel the
charter and enter an order of dissolution.