South Dakota Codified Laws 51A-15-1. Voluntary liquidation–Requirements for approval
Current as of: 2023 | Check for updates
|
Other versions
Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding:
(1) The proposal to liquidate and dissolve has been approved by a vote of two–thirds of the outstanding voting stock at a meeting called for the purpose of considering such action.
Terms Used In South Dakota Codified Laws 51A-15-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(2) The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors.
Source: SL 1969, ch 11, § 13.1; SL 1970, ch 265, § 60; SL 1988, ch 377, § 163; SDCL, § 51-27-1.