Title 19Financial Institutions

Title 19Financial Institutions

Chapter 10Voluntary Liquidation

R.I. Gen. Laws § 19-10-1

§ 19-10-1. Power to liquidate — Appointment of agent.

Any financial institution or credit union that is solvent may, subject to the approval of the director, or the director’s designee, liquidate and be closed by a vote of its stockholders owning two thirds (⅔) of its capital stock or, in the case of a mutually owned savings bank, two thirds (⅔) of its depositors or, in the case of credit unions, two thirds (⅔) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director, or the director’s designee, for approval.

History of Section.P.L. 1995, ch. 82, § 48.