§ 28-3-1-1 — Petition; vote of shareholders; order and bond

Whenever the directors of any bank organized
under the laws of this state, shall desire to liquidate any such bank, they
may file a petition with the department of financial institutions for
authority so to do. After the filing of any such petition, the said
department shall authorize the directors to call a special meeting of the
stockholders of such bank, and if the owners of two-thirds (2/3) of the
capital stock of such bank shall vote in favor of such liquidation, the
directors shall thereupon so notify the department and said department
shall thereupon enter an order directing the liquidation of said bank,
and shall also provide that a bond be executed in such an amount and
with such sureties as the department may approve, for the faithful
discharge by the officers of such bank of their respective duties in the
liquidation of said bank.
Formerly: Acts 1943, c.39, s.1.