§ 19-10-2 - Notice of liquidation. - Rhode Island Statutes

SECTION 19-10-2

   § 19-10-2  Notice of liquidation. –Whenever a vote is taken to go into liquidation, it shall be the duty of theboard of directors or trustees to cause notice of this fact to be certified,under the seal of the financial institution or credit union by its president,cashier, or treasurer, to the director or the director's designee. If thedirector or the director's designee approves of the act of the financialinstitution or credit union, he or she shall certify the decision upon thecertificate setting forth the vote of the financial institution or creditunion. The financial institution or credit union shall then publish a noticesetting forth the vote and notifying creditors to present their claims againstthe financial institution or credit union for payment, which notice shall bepublished once each week for eight (8) successive weeks in a newspaper ofgeneral circulation in which the financial institution or credit union islocated.