MARVIN MANDEL, Governor                               1779

The word "assets" is defined in Title 1 of
this article.

6-131. VOLUNTARY LIQUIDATION.

(A)   GENERAL RULE.

A STATE BANK MAY LIQUIDATE VOLUNTARILY BY VOTE OF
THE STOCKHOLDERS WHO OWN TWO-THIRDS OF ITS CAPITAL STOCK,
IF THE COMMISSIONER APPROVES AND DETERMINES THAT THE
STATE BANK IS SOLVENT.

(B)   NOTICE BEFORE LIQUIDATION.

(1)    IF THE STOCKHOLDERS OF A STATE BANK VOTE
TO LIQUIDATE, ITS BOARD OF DIRECTORS SHALL GIVE TO THE
COMMISSIONER NOTICE OF THE INTENDED LIQUIDATION,
CERTIFIED UNDER ITS CORPORATE SEAL BY THE PRESIDENT OF
THE STATE BANK AND BY ITS CASHIER OR TREASURER.

(2)    THE BOARD OF DIRECTORS ALSO SHALL GIVE
NOTICE TO CREDITORS TO PRESENT ANY CLAIM AGAINST THE
STATE BANK. THE NOTICE SHALL BE PUBLISHED ONCE EACH WEEK
FOR EIGHT CONSECUTIVE WEEKS IN A NEWSPAPER [[OF GENERAL
CIRCULATION]] PUBLISHED IN THE COUNTY WHERE THE STATE
BANK IS LOCATED.

REVISOR'S NOTE: This section is derived without
substantive change from Art. 11, / 76, as it
relates to State banks.

Subsection (b) of this section is modified to
conform the publication requirements to the
more modern provisions for publication
throughout the Code and, to the extent
possible, to conform the publication
requirements for all banking institutions
under this subtitle.

The provisions of present § 76 as they relate
to trust companies appear in §6-150 of this
subtitle.

PART IV. TRUST COMPANIES.

6-132. APPLICABILITY OF SUBTITLE.

EVERY TRUST COMPANY HAS THE POWERS AND IS SUBJECT TO
THE PROVISIONS OF THIS SUBTITLE. HOWEVER, EXCEPT AS
PROVIDED IN §6-138 (B), THE PROVISIONS OF THIS SUBTITLE DO
NOT REPEAL, MODIFY, OR AFFECT ANY SPECIAL RIGHT,
PRIVILEGE, OR POWER CONFERRED BY CHARTER ON A TRUST
COMPANY WHICH WAS ORGANIZED AND DOING BUSINESS BEFORE
APRIL 8, 1910.