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2017 Rhode Island General Laws
Title 19 - Financial institutions
Chapter 19-10 - Voluntary Liquidation
Section 19-10-1 - Power to liquidate - Appointment of agent.
Universal Citation: RI Gen L § 19-10-1 (2017)
§ 19-10-1. Power to liquidate - Appointment of agent.
Any financial institution or credit union that is solvent may, subject to the approval of the director, or the director's designee, liquidate and be closed by a vote of its stockholders owning two thirds ( 2 / 3 ) of its capital stock or, in the case of a mutually owned savings bank, two thirds ( 2 / 3 ) of its depositors or, in the case of credit unions, two thirds ( 2 / 3 ) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director, or the director's designee, for approval.
History of Section.
(P.L. 1995, ch. 82, § 48.)
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