Voluntary liquidation--Requirements for approval

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SD Code › Title 51A › Chapter 15 › Section 51A-15-1

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

Text

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.

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