§ 51A-15-10 — Cancellation of voluntary liquidation.

A bank may, at any time prior to the director's cancellation of its charter, revoke its intention to voluntarily liquidate under § 51A-15-1 , if it receives approval of its action upon an affirmative vote of at least two - thirds of the voting shares of the bank. Written evidence of its intentions delivered to the director prior to cancellation are considered an effective revocation.

Legislative History

SL 1988, ch 377, § 164; SDCL, § 51-27-9.1.