Rhode Island § 19-10-1 § 19-10-1. Power to liquidate — Appointment of agent.

Rhode Island Statutes

§ 19-10-1 — § 19-10-1. Power to liquidate — Appointment of agent.

Rhode Island § 19-10-1

Title 19Financial institutions

Ch. 19-10Voluntary Liquidation

This text of Rhode Island § 19-10-1 (§ 19-10-1. Power to liquidate — Appointment of agent.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-10-1 (2026).

Text

§ 19-10-1. Power to liquidate — Appointment of agent.
Any financial institution or credit union that is solvent may, subject to the approval
            of the director, or the director's designee, liquidate and be closed by a vote of
            its stockholders owning two thirds (â…”) of its capital stock or, in the case of a mutually
            owned savings bank, two thirds (â…”) of its depositors or, in the case of credit unions,
            two thirds (â…”) of its members. For the purpose of closing the affairs of any financial
            institution or credit union, the directors shall submit a plan of liquidation to the
            director, or the director's designee, for approval.
         

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§ 19-10-1. Power to liquidate — Appointment of agent.

Any financial institution or credit union that is solvent may, subject to the approval of the director, or the director's designee, liquidate and be closed by a vote of its stockholders owning two thirds (â…”) of its capital stock or, in the case of a mutually owned savings bank, two thirds (â…”) of its depositors or, in the case of credit unions, two thirds (â…”) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director, or the director's designee, for approval.