PART IV. VOLUNTARY DISSOLUTIONS
§371. Voluntary liquidations and dissolutions of solvent banks with prior approval of commissioner
A. The stockholders of a state bank, by vote of two-thirds of the total voting power of the corporation or such larger vote as the articles may require, at a special meeting of the stockholders the notice of which shall set forth the proposed dissolution as the purpose of the meeting, may agree to appoint a liquidator and dissolve the state bank.
B. If the public interest will thereby be served, the commissioner shall approve the liquidation unless the bank is insolvent or in an impaired, unsafe, or unsound condition.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1989, No. 396, §1.