9-1108. Voluntary liquidation of banks.
9-1108
9-1108. Voluntary liquidation of banks.
Upon the affirmative vote of a majority of the
outstanding
voting stock, any bank may liquidate by paying in full all of its
depositors and creditors. Any bank desiring to liquidate voluntarily shall
file notice with the commissioner and immediately surrender its
certificate of authority to transact a banking business. The commissioner
may examine the bank at any time during the period in which it is
being
liquidated and may compel the bank to file reports with the
commissioner
during the time it is being liquidated. Upon the completion of the
liquidation the bank shall remove all advertising signs, and the
commissioner shall make a final examination to determine that all depositors
and creditors
have been paid before any distribution is made to stockholders.
History: L. 1947, ch. 102, § 37;
L. 1996, ch. 175, § 14; Apr. 25.