9-1108.   Voluntary liquidation of banks.Upon the affirmative vote of a majority of theoutstandingvoting stock, any bank may liquidate by paying in full all of itsdepositors and creditors. Any bank desiring to liquidate voluntarily shallfile notice with the commissioner and immediately surrender itscertificate of authority to transact a banking business. The commissionermay examine the bank at any time during the period in which it isbeingliquidated and may compel the bank to file reports with thecommissionerduring the time it is being liquidated. Upon the completion of theliquidation the bank shall remove all advertising signs, and thecommissioner shall make a final examination to determine that all depositorsand creditorshave been paid before any distribution is made to stockholders.

      History:   L. 1947, ch. 102, § 37;L. 1996, ch. 175, § 14; Apr. 25.