S.D. Codified Laws § 51A-15-1

Current through the 2024 Legislative Session

Section 51A-15-1 - Voluntary liquidation-Requirements for approval

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.

(2) The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors.

SDCL 51A-15-1

SL 1969, ch 11, § 13.1; SL 1970, ch 265, § 60; SL 1988, ch 377, § 163; SDCL, § 51-27-1.