§ 54B‑41. Voluntarydissolution by stockholders or members.
At any annual or specialmeeting called for such purpose, an association may, by an affirmative vote inperson or by proxy of at least two thirds of the total number of shares orvotes which all members or stockholders of the association are entitled tocast, resolve to dissolve and liquidate the association and adopt a plan ofvoluntary dissolution. Upon adoption of such resolution and plan of voluntarydissolution, the members or stockholders shall proceed to elect not more thanthree liquidators who shall post bond as required by the Commissioner of Banks.The liquidators shall have full power to execute the plan; and the procedurethereafter shall be as follows:
(1) A copy of theresolution certified by the president or secretary of the association, togetherwith the minutes of the meeting of members or stockholders, the plan ofliquidation, and an itemized statement of the association's assets andliabilities sworn to by a majority of its board of directors, shall be filedwith the Commissioner of Banks. The minutes of the meeting of members orstockholders shall be certified by the president or secretary of theassociation, and shall set forth the notice given and the time of mailingthereof, the vote on the resolution and the total number of shares or voteswhich all members of the association were entitled to cast thereon, and thenames of the liquidators elected.
(2) If the Commissionerof Banks finds that the proceedings are in accordance with the provisions ofthis Chapter, and that the plan of liquidation is not unfair to any personaffected, he shall attach his certificate of approval to the plan and shallforward one copy to the liquidators and one copy to the association'swithdrawable account insurance corporation. Once the Commissioner of Banks hasapproved the resolution and the plan of liquidation it shall thereafter beunlawful for such association to accept any additional withdrawable accounts oradditions to withdrawable accounts or make any additional loans, but all itsincome and receipts in excess of actual expenses of liquidation of theassociation shall be applied to the discharge of its liabilities.
(3) The liquidator orliquidators so appointed shall be paid a reasonable compensation by theliquidating association subject to the approval of the Commissioner of Banks.
(4) The plan shallbecome effective upon the recording of the Commissioner of Banks' certificateof approval in the manner required by this Chapter for the recording of thecertificate of incorporation.
(5) The liquidation ofthe association shall be subject to the supervision and examination of theCommissioner of Banks. (1981, c. 282, s. 3; 2001‑193, s. 16.)
§ 54B‑41. Voluntarydissolution by stockholders or members.
At any annual or specialmeeting called for such purpose, an association may, by an affirmative vote inperson or by proxy of at least two thirds of the total number of shares orvotes which all members or stockholders of the association are entitled tocast, resolve to dissolve and liquidate the association and adopt a plan ofvoluntary dissolution. Upon adoption of such resolution and plan of voluntarydissolution, the members or stockholders shall proceed to elect not more thanthree liquidators who shall post bond as required by the Commissioner of Banks.The liquidators shall have full power to execute the plan; and the procedurethereafter shall be as follows:
(1) A copy of theresolution certified by the president or secretary of the association, togetherwith the minutes of the meeting of members or stockholders, the plan ofliquidation, and an itemized statement of the association's assets andliabilities sworn to by a majority of its board of directors, shall be filedwith the Commissioner of Banks. The minutes of the meeting of members orstockholders shall be certified by the president or secretary of theassociation, and shall set forth the notice given and the time of mailingthereof, the vote on the resolution and the total number of shares or voteswhich all members of the association were entitled to cast thereon, and thenames of the liquidators elected.
(2) If the Commissionerof Banks finds that the proceedings are in accordance with the provisions ofthis Chapter, and that the plan of liquidation is not unfair to any personaffected, he shall attach his certificate of approval to the plan and shallforward one copy to the liquidators and one copy to the association'swithdrawable account insurance corporation. Once the Commissioner of Banks hasapproved the resolution and the plan of liquidation it shall thereafter beunlawful for such association to accept any additional withdrawable accounts oradditions to withdrawable accounts or make any additional loans, but all itsincome and receipts in excess of actual expenses of liquidation of theassociation shall be applied to the discharge of its liabilities.
(3) The liquidator orliquidators so appointed shall be paid a reasonable compensation by theliquidating association subject to the approval of the Commissioner of Banks.
(4) The plan shallbecome effective upon the recording of the Commissioner of Banks' certificateof approval in the manner required by this Chapter for the recording of thecertificate of incorporation.
(5) The liquidation ofthe association shall be subject to the supervision and examination of theCommissioner of Banks. (1981, c. 282, s. 3; 2001‑193, s. 16.)
§ 54B‑41. Voluntarydissolution by stockholders or members.
At any annual or specialmeeting called for such purpose, an association may, by an affirmative vote inperson or by proxy of at least two thirds of the total number of shares orvotes which all members or stockholders of the association are entitled tocast, resolve to dissolve and liquidate the association and adopt a plan ofvoluntary dissolution. Upon adoption of such resolution and plan of voluntarydissolution, the members or stockholders shall proceed to elect not more thanthree liquidators who shall post bond as required by the Commissioner of Banks.The liquidators shall have full power to execute the plan; and the procedurethereafter shall be as follows:
(1) A copy of theresolution certified by the president or secretary of the association, togetherwith the minutes of the meeting of members or stockholders, the plan ofliquidation, and an itemized statement of the association's assets andliabilities sworn to by a majority of its board of directors, shall be filedwith the Commissioner of Banks. The minutes of the meeting of members orstockholders shall be certified by the president or secretary of theassociation, and shall set forth the notice given and the time of mailingthereof, the vote on the resolution and the total number of shares or voteswhich all members of the association were entitled to cast thereon, and thenames of the liquidators elected.
(2) If the Commissionerof Banks finds that the proceedings are in accordance with the provisions ofthis Chapter, and that the plan of liquidation is not unfair to any personaffected, he shall attach his certificate of approval to the plan and shallforward one copy to the liquidators and one copy to the association'swithdrawable account insurance corporation. Once the Commissioner of Banks hasapproved the resolution and the plan of liquidation it shall thereafter beunlawful for such association to accept any additional withdrawable accounts oradditions to withdrawable accounts or make any additional loans, but all itsincome and receipts in excess of actual expenses of liquidation of theassociation shall be applied to the discharge of its liabilities.
(3) The liquidator orliquidators so appointed shall be paid a reasonable compensation by theliquidating association subject to the approval of the Commissioner of Banks.
(4) The plan shallbecome effective upon the recording of the Commissioner of Banks' certificateof approval in the manner required by this Chapter for the recording of thecertificate of incorporation.
(5) The liquidation ofthe association shall be subject to the supervision and examination of theCommissioner of Banks. (1981, c. 282, s. 3; 2001‑193, s. 16.)
