Delivery of remaining assets to stockholders.
1. Whenever, in the case of any association which has issued common or preferred stock, the Commissioner or the Federal Deposit Insurance Corporation has fully liquidated all claims other than claims of the stockholders, and has made due provision for all known or unclaimed liabilities, excepting claims of stockholders, and has paid all expenses of liquidation, the Commissioner shall call a meeting of the stockholders of the savings and loan association.
2. Notice of the meeting must be given by:
(a) Five publications in a 30-day period in one or more newspapers published in the county in which the principal office of the association is located; and
(b) Letter to each stockholder mailed to his last known address.
3. At the meeting the Commissioner shall deliver to the stockholders all the property and effects of the association remaining in his possession except its records, which must be retained by him as part of the records of his office. Upon transfer and delivery he is discharged from any further liability to the association or its creditors, and thereafter the association is in the same position as though it had never been authorized to transact a savings and loan business.
Last modified: February 26, 2006