Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding: (1) The proposal to liquidate and dissolve has been approved by a vote of two - thirds of the outstanding voting stock at a meeting called for the purpose of considering such action. (2) The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors. Source: SL 1969, ch 11 , § 13.1; SL 1970, ch 265 , § 60; SL 1988, ch 377 , § 163; SDCL, § 51-27-1.
Voluntary liquidation--Requirements for approval
— under SUSPENSION AND LIQUIDATION OF BANKS.