Cancellation of voluntary liquidation

A bank may, at any time prior to the director's cancellation of its charter, revoke its intention to voluntarily liquidate under § 51A-15-1 , if it receives approval of its action upon an affirmative vote of at least two - thirds of the voting shares of the bank. Written evidence of its intentions delivered to the director prior to cancellation are considered an effective revocation. Source: SL 1988, ch 377 , § 164; SDCL, § 51-27-9.1.