{"data":{"id":"us-sd/sdcl-51a-15-1","jurisdiction":"us-sd","citation":"SDCL § 51A-15-1","heading":"Voluntary liquidation--Requirements for approval.","body":"Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding:\n(1) The proposal to liquidate and dissolve has been approved by a vote of two-thirds of the outstanding voting stock at a meeting called for the purpose of considering such action.\n(2) The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors.\nSource: SL 1969, ch 11, § 13.1; SL 1970, ch 265, § 60; SL 1988, ch 377, § 163; SDCL, § 51-27-1.","path":["TITLE 51A. BANKS AND BANKING","CHAPTER 51A-15. SUSPENSION AND LIQUIDATION OF BANKS"],"source_url":"https://sdlegislature.gov/Statutes/51A-15-1","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"d733a76f99c1ed0b6da4e0fba4f6ed1fd3978cb63e96d26f9198c24db58a0661","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-51a-14-7","next":"us-sd/sdcl-51a-15-2"},"notice":"GroundRules: Original legal text. Not legal advice."}