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

South Dakota Statutes

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

South Dakota § 51A-15-1

Title 51ABANKS AND BANKING

Ch. 51A-15SUSPENSION AND LIQUIDATION OF BANKS

This text of South Dakota § 51A-15-1 (Voluntary liquidation--Requirements for approval.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-15-1 (2026).

Text

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.