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2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 15 - Suspension And Liquidation Of Banks
§ 51A-15-1 Voluntary liquidation--Requirements for approval.
Universal Citation: SD Codified L § 51A-15-1 (2017)
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.
Source: SL 1969, ch 11, § 13.1; SL 1970, ch 265, § 60; SL 1988, ch 377, § 163; SDCL, § 51-27-1.
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