§ 4-702. Voluntary dissolution

   (a) General rule. -- A savings bank may dissolve voluntarily as provided in this section.

(b) Approval by members or directors. -- A proposed voluntary dissolution shall be approved by:

   (1) The affirmative vote, in person or by proxy, of two thirds of the members; or

   (2) If there are no members, the unanimous vote of the board of directors.

(c) Notices before dissolution. --

   (1) After a proposed dissolution is approved, the board of directors of the savings bank shall give the following notices.

   (2) The board shall give written notice to the Commissioner of the impending dissolution. This notice shall be certified under the corporate seal of the savings bank by its president and by its treasurer.

   (3) The board also shall give notice to creditors of the savings bank to present for payment any claim against it. This notice shall be published once each week for 8 consecutive weeks in a newspaper published in the county where the savings bank has its principal banking office.

(d) Statement of dissolution. -- After publication of the required notice to creditors, the directors of a savings bank shall execute and file with the Commissioner a statement that the savings bank is dissolved.

HISTORY: CA § 6-111; 1980, ch. 33, § 2; 1996, ch. 326, § 2.