9-1604. Liquidation, consolidation or merger.
9-1604
9-1604. Liquidation, consolidation or merger.
Upon the affirmative vote of a majority of the
outstanding
voting stock any bank having trust authority may liquidate, or may
consolidate or merge its trust department with any other bank having trust
authority or with any trust company, and any trust company may liquidate,
or may consolidate or merge with any other trust company or with any bank
having trust authority, except that such liquidation,
consolidation or merger shall not be
effective until the commissioner has approved the same in writing after the
terms have been submitted to the commissioner for
examination and approval.
History: L. 1947, ch. 102, § 80; L. 1951, ch. 120, § 3;
L. 1996, ch. 175, § 16; Apr. 25.