South Dakota § 51A-15-1 Voluntary liquidation--Requirements for approval.

South Dakota Statutes

§ 51A-15-1 — Voluntary liquidation--Requirements for approval.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-15 SUSPENSION AND LIQUIDATION OF BANKS

Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding:

(1)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 the purpose of considering such action.

(2)The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors.

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Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding: (1) 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 the purpose of considering such action. (2) The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors.

South Dakota § 51A-15-1 (Voluntary liquidation--Requirements for approval.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.