§ 28-1-9-3 — Examinations; departmental approval of liquidation

Indiana § 28-1-9-3

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 9: Voluntary Dissolution of Banks, Trust Companies, and

Text

After the resolution submitting the question of
dissolving the corporation shall have been adopted by the board of
directors, such resolution shall be submitted to and shall be approved
by the department before such resolution is submitted to a vote of the
shareholders of such corporation. Upon the filing of such resolution,
the department shall cause an examination to be made of the business
and affairs of such corporation. If the department shall find, from such
examination, that such corporation is solvent or that it has sufficient
assets with which to pay all of its depositors and all of its other
liabilities, it may enter an order in writing approving the dissolution of
such corporation and authorizing the board of directors of such
corporation to submit the question of dissolving such corporation to the
shareholders, in the manner prescribed in this article. If the department
shall find, from such examination, that such corporation is in an
unsound or unsafe condition or has otherwise violated the provisions
of IC 28-1-3.1-2, it may enter an order, in writing, disapproving of the
voluntary dissolution of such corporation, and the department shall
thereupon take possession of the business and property of such
corporation and proceed to liquidate such corporation in the manner
prescribed in and subject to the provisions of IC 28-1-3.1.
Formerly: Acts 1933, c.40, s.144. As amended by P.L.263-1985,
SEC.43.