§ 19-10-1 - Power to liquidate – Appointment of agent. - Rhode Island Statutes

SECTION 19-10-1

   § 19-10-1  Power to liquidate –Appointment of agent. – Any financial institution or credit union that is solvent may, subject to theapproval of the director or the director's designee, liquidate and be closed bya vote of its stockholders owning two thirds (2/3) of its capital stock or inthe case of a mutually owned savings bank, two thirds (2/3) of its depositorsor in the case of credit unions, two thirds (2/3) of its members. For thepurpose of closing the affairs of any financial institution or credit union,the directors shall submit a plan of liquidation to the director or thedirector's designee for approval.