Wyoming § 13-4-701 Payment of stockholders

Wyoming Statutes

§ 13-4-701 — Payment of stockholders

Wyoming § 13-4-701

Title 13Banks, Banking and Finance

Ch. 4REORGANIZATION OF BANKS

Art. 7COMPLETION OF LIQUIDATION

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Bluebook

Wyo. Stat. Ann. § 13-4-701 (2026).

Text

(a)If the state banking commissioner has paid the full amount of the claim to each depositor and creditor of the bank whose claims have been allowed, has made provision for unpaid deposits and has paid all the expenses of the liquidation, he shall call a meeting of the stockholders of the bank by giving notice for thirty (30) days in a newspaper published in the county in which the bank was located.

(b)At the meeting the stockholders shall determine whether the state banking commissioner shall continue to administer its assets and wind up the affairs of the bank or whether an agent shall be elected for that purpose. The stockholders shall vote by ballot, each share having one (1) vote. An affirmative vote by the majority of the stock is necessary for a determination.

(c)If it is determi

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(a) If the state banking commissioner has paid the full
amount of the claim to each depositor and creditor of the bank
whose claims have been allowed, has made provision for unpaid
deposits and has paid all the expenses of the liquidation, he
shall call a meeting of the stockholders of the bank by giving
notice for thirty (30) days in a newspaper published in the
county in which the bank was located.
(b) At the meeting the stockholders shall determine
whether the state banking commissioner shall continue to
administer its assets and wind up the affairs of the bank or
whether an agent shall be elected for that purpose. The
stockholders shall vote by ballot, each share having one (1)
vote. An affirmative vote by the majority of the stock is
necessary for a determination.
(c) If it is determined to continue the liquidation under
the state banking commissioner, he shall complete the
liquidation of the affairs of the bank. After paying the
expenses of the liquidation, he shall distribute the proceeds
among the stockholders in proportion to the holdings of stock as
directed by the district court.
(d) If it is determined to appoint an agent to liquidate,
the stockholders shall select the agent by ballot. A majority of
the stock present and voting is necessary for a choice. The
agent shall file with the state banking commissioner a bond
approved by the state banking commissioner to the state of
Wyoming for the faithful performance of all the duties of his
trust. The state banking commissioner shall then transfer assets
of the bank to the agent. The state banking commissioner is
discharged from all further liability to the bank and its
creditors.
(e) The agent shall perform his duties as would the state
banking commissioner except that the expenses of liquidation are
subject to the control of the district court.
(f) In case of failure to act by any agent the
stockholders may elect a successor.