Section 51A-14-5 - Liquidation procedures in the event of reorganization. - South Dakota Statutes

51A-14-5. Liquidation procedures in the event of reorganization. If a bank has been merged or consolidated with another bank or its assets have been purchased and its liabilities assumed by another bank, in any instance other than an emergency, within thirty days thereafter, the directors of such bank shall institute proceedings to legally dissolve its charter in the same manner as provided for voluntary liquidation in chapter 51A-15; provided that no notice need be given pursuant to § 51A-5-3. Approval by the commission of the merger, consolidation, or purchase of assets and assumption of liabilities constitutes approval of the voluntary liquidation as provided in § 51A-15-1, but such approval is subject to approval of the proposal to liquidate and dissolve by a vote of two-thirds of the outstanding stock of the liquidating bank at a meeting called for the purpose of considering such action.

Source: SL 1981, ch 346, § 66; SL 1988, ch 377, § 160; SL 1989, ch 411, § 4; SDCL, § 51-26-5.