§181 Voluntary dissolution; appointment and removal of liquidating agent or committee; examination

Summary

A bank can be closed and liquidated if shareholders who own two-thirds of its stock vote for it. If the closing includes selling assets and another bank taking over its deposits, that sale also needs approval by shareholders holding two-thirds of the stock unless an emergency exists and the Comptroller of the Currency waives the approval. Shareholders must pick one or more people to act as the liquidating agent or committee. The board of directors will supervise them and require a bond. The liquidating agent or committee must send a yearly report to the Comptroller of the Currency on the 31st day of December until the liquidation is finished. They must also report each year to shareholders at the annual meeting date in the articles of association. Shareholders may remove the liquidating agent or committee by a vote representing a majority of the entire stock at that annual meeting or at a special meeting called like when the bank was active. The Comptroller may examine the liquidating bank any time until all creditors are paid, and the bank must pay the cost of those examinations in the same manner as examinations under subchapter XV of chapter 3 of this title.