§ 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 (⅔) of its capital stock or, in the case of a mutually owned savings bank, two thirds (⅔) of its depositors or, in the case of credit unions, two thirds (⅔) 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.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-10 - Voluntary Liquidation
Section 19-10-1. - Power to liquidate — Appointment of agent.
Section 19-10-2. - Notice of liquidation.
Section 19-10-3. - Application of receivership provisions — Powers of court.
Section 19-10-4. - Delivery of unclaimed funds and property to general treasurer.
Section 19-10-5. - Advertisement and payment of unclaimed funds.