At any time when no bonds, other financial assistance, or other obligations of the bank are outstanding, the bank may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the directors of the bank and which shall be sworn to by each director before an officer authorized to take acknowledgments to deeds. Upon the filing of the application for dissolution, the bank shall cease and any property owned by it at the time of its dissolution shall pass to the state. The Secretary of State shall file and record the application for dissolution, in an appropriate book of record in his or her office, and shall make and issue, under the Great Seal of the State, a certificate that the bank is dissolved and shall record the certificate with the application for dissolution.
Last modified: May 3, 2021