§181 Voluntary Dissolution; Appointment and Removal of Liquidating Agent or Committee; Examination

Summary

A bank can be closed and put into liquidation if shareholders who own two-thirds of the stock vote for it. If the plan includes selling assets and another bank taking on its deposit liabilities, that sale also must be approved by shareholders owning two-thirds of the stock unless an emergency exists and the Comptroller of the Currency waives the shareholder vote. Shareholders must name one or more people to handle the liquidation. The board oversees them and must require a suitable bond. The liquidator must send a report to the Comptroller each year on the 31st day of December until the work is done, and must report to shareholders at the bank’s annual meeting date. Shareholders may remove the liquidator by a vote representing a majority of the entire stock, and a special meeting may be held to remove them by a majority vote. The Comptroller may examine the liquidating bank at any time until all creditors are paid, and the cost of such examinations is charged to the bank as provided under subchapter XV of chapter 3 of this title.