(a) The board of a state trust company, with the Bank Commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds:
(1) The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company;
(2) The sale is in the best interest of the state trust company's clients and creditors; and
(3) The Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the state trust company are not insured.
(b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:
(1) All of the state trust company's liabilities to clients and depositors;
(2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;
(3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and
(4) Fees and assessments due the State Bank Department.
(c) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.
(d) This section does not affect the commissioner's right to take action under any other law. The sale by a trust company of all or substantially all of its assets with shareholder approval is deemed a voluntary dissolution and liquidation and shall be governed by § 23-49-119.