§ 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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