A bank may, at any time prior to the director's cancellation of its charter, revoke its intention to voluntarily liquidate under § 51A-15-1, if it receives approval of its action upon an affirmative vote of at least two-thirds of the voting shares of the bank. Written evidence of its intentions delivered to the director prior to cancellation are considered an effective revocation.
S.D. Codified Laws § 51A-15-10
Cancellation of voluntary liquidation
Source: SL 1988, ch 377, § 164; SDCL, § 51-27-9.1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.