9-1901.   Dissolution by district court; procedure.Any corporation transacting business under this act may be dissolved bythe district court of the county in which its place of business is located,in the following manner: A verified petition shall be filed in the officeof the clerk of said court, signed by the president or a majority of theboard of directors, setting forth that stockholders representing two-thirdsin amount of the stock of such association have adopted a resolutionfavoring such dissolution, and directing proceedings to be instituted forthat purpose, a copy of which resolution shall set forth that all claimsand demands against such association have been paid and discharged; andthereupon a notice shall be published for the time and in the mannerprescribed by the law for service by publication. Such notice shall statethe name of the court in which the petition has been filed, the substanceand purpose thereof, and that unless objections are filed thereto on orbefore a time to be stated, which shall not be less than forty-one daysfrom the first publication, the relief prayed for will be granted.

      A copy of such notice shall be sent to the bank commissioner within tendays after the first publication thereof, and the commissioner shall,within thirty days thereafter, make a thorough examination of the affairsof such bank, and file a certified copy of the report with said petition.Any creditor or stockholder may, on or before the time fixed by the notice,and afterwards, if permitted by the court, file written objections to thedissolution of such corporation. The petition and objections thereto, ifany, shall stand for hearing the same as a civil action; and if upon thehearing thereof the court shall be satisfied that the petition is true, andthat there is no valid objection to the dissolution of such corporation, itshall render judgment dissolving the same.

      History:   L. 1947, ch. 102, § 109; June 30.