R.I. Gen. Laws § 19-10-1
Current through 2024 Public Law 457
Any financial institution or credit union that is solvent may, subject to the approval of the director, or the director's designee, liquidate and be closed by a vote of its stockholders owning two thirds (2/3) of its capital stock or, in the case of a mutually owned savings bank, two thirds (2/3) of its depositors or, in the case of credit unions, two thirds (2/3) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director, or the director's designee, for approval.
R.I. Gen. Laws § 19-10-1