HARRY HUGHES, Governor

277

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
BANK 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 BANK COMMISSIONER A STATEMENT THAT THE SAVINGS BANK IS
DISSOLVED.

REVISOR'S NOTE: This section presently appears as CA §
6-111.

This section is revised to provide for the
voluntary dissolution of a savings bank, of which
the presently referenced liquidation is a part,
to conform to the provisions for voluntary
dissolution of a general corporation.

The provisions for dissolution of a commercial
bank in § 3-803 of this article expressly require
prior approval of the Bank Commissioner and a
determination that the commercial bank is
solvent. This section does not contain a
provision for the approval or determination of
solvency, and, in fact, subsection (d) of this
section suggests that mere notice of the
dissolution is sufficient. The General Assembly
may wish to amend this section to conform to §
3-803 of this article, as to dissolution of a
commercial bank.

In subsection (c)(3) of this section, reference
to the "principal banking office" is added to