Section 13-4-206 – Voluntary Liquidation.
13-4-206. Voluntary liquidation. By prior notification to the state banking commissioner the board of directors of a bank may place its assets under the control of the state banking commissioner for liquidation.
Section 13-4-301 – Notice to State Banking Commissioner.
13-4-301. Notice to state banking commissioner. No receiver shall be appointed by any court nor shall any assignment for the benefit of creditors be filed in any court within this state for any bank doing business under the laws of this state without notice to the state banking commissioner unless the court finds it necessary […]
Section 13-4-302 – Federal Deposit Insurance Corporation as Receiver, Liquidator or Subrogee.
13-4-302. Federal deposit insurance corporation as receiver, liquidator or subrogee. (a) The state banking commissioner may designate the federal deposit insurance corporation to act without bond as receiver or liquidator of any bank whose deposits are insured by the corporation and which has been closed for the purpose of liquidation without adequate provision being made […]
Section 13-4-303 – When Bank Taken Possession Of; Resumption of Business.
13-4-303. When bank taken possession of; resumption of business. (a) After taking possession of any bank, the state banking commissioner shall record a certificate that the bank has been taken over by him with the county clerk of the county in which the bank is located. The certificate is notice that the state banking commissioner […]
Section 13-4-304 – Application by Bank for Injunction.
13-4-304. Application by bank for injunction. If any bank deems itself aggrieved by the state banking commissioner taking possession of the bank, it may within ten (10) days after the takeover apply to the district court of the judicial district in which the office of the bank was located to enjoin further proceedings. The court […]
Section 13-4-204 – Impairment of Capital; Reduction of Capital.
13-4-204. Impairment of capital; reduction of capital. The stockholders of any bank may remove an impairment of capital by reducing the stated capital of the bank if the reductions do not place the capital below the amount required by law to be maintained.
Section 13-4-205 – Impairment of Capital; Failure to Restore.
13-4-205. Impairment of capital; failure to restore. If any board of directors fails to comply with any request to restore an impairment of capital for a period of more than thirty (30) days after a request is made by the state banking commissioner, the bank is conclusively presumed to be insolvent and the state banking […]
Section 13-4-201 – Conditions.
13-4-201. Conditions. (a) A bank is insolvent when any of the following conditions exist: (i) When the actual cash market value of its assets is less than its liabilities; (ii) When it fails to make good its reserve as may be required by this act, or the federal reserve board; or (iii) When it fails […]
Section 13-4-202 – Transactions Deemed Void.
13-4-202. Transactions deemed void. (a) The following transactions subsequent to any act of insolvency or in contemplation of insolvency with a view to prevent the application of bank assets in the manner prescribed by this act or with a view to the preference of one creditor over another are void: (i) All transfers of notes, […]
Section 13-4-203 – Impairment of Capital; Generally.
13-4-203. Impairment of capital; generally. (a) If the state banking commissioner has reason to believe that the capital of any bank is impaired he shall examine the bank and ascertain the facts. If he finds an impairment of capital, he shall provide written notice to each director of the bank and require the bank to […]