51A-15-1. Voluntary liquidation--Requirements for approval.
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.