§ 45-2-1501. Voluntary Liquidation and Dissolution
With the approval of the commissioner, a state bank may liquidate and dissolve. The commissioner shall grant approval if it appears that: The proposal to liquidate and dissolve has been approved by a vote of two-thirds (2/3) of the outstanding voting stock at a meeting called for the purpose of considering the action; and The […]
§ 45-2-1502. Commissioner in Possession
The commissioner may take possession of a state bank if, after a hearing, the commissioner finds: Its capital is impaired or it is otherwise in an unsound condition; Its business is being conducted in an unlawful or unsound manner; It is unable to continue normal operations; or Its examination has been obstructed or impeded. The […]
§ 45-2-1503. Requirements of Reorganization Plan
A plan of reorganization shall not be prescribed under this chapter unless: The plan is feasible and fair to all classes of depositors, creditors and stockholders; The face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon liquidation, less […]
§ 45-2-1504. Liquidation by Commissioner
In liquidating a state bank, the commissioner may exercise any power of the office of commissioner, but shall not, without the approval of the court in which notice of possession has been filed: Sell any asset of the organization having a value in excess of five hundred dollars ($500); Compromise or release any claim if […]
§ 45-2-1505. Formation of New Bank
Upon application of either five (5) individual incorporators or a bank holding company domiciled in this state, the commissioner may grant a charter and may issue a certificate of authority to the incorporators if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a state bank closed […]