ADMINISTRATION OF THE GOVERNMENT (Chapters 1 through 182)
Liquidation and dissolution
Section 33. Such corporation may, if authorized by vote of at least two-thirds of its corporators at a meeting specially called to consider the subject, liquidate its affairs and be dissolved subject to the conditions, limitations and requirements of this section.
1. Commissioner’s Approval. — Before such a liquidation and dissolution may be effected, the commissioner shall be satisfied that such corporation has given at least thirty days’ notice to each other savings bank having its main office in the same county, of its willingness to enter into negotiations with a view to consolidation or merger and that no consolidation or merger with any such other savings bank can be arranged upon terms satisfactory to the commissioner. Prior to the vote authorizing such liquidation and dissolution the commissioner shall have approved in writing the proposed liquidation and dissolution of such corporation as being in the best interests of its depositors.
2. Liquidating Committee. — If such liquidation and dissolution are so approved and voted, a committee of three shall thereupon be elected by and from the trustees and, under such regulations as may be prescribed by the commissioner, shall liquidate the assets. After satisfying all debts of the liquidating corporation, said committee shall distribute the remaining proceeds among the depositors as of the date of the vote of liquidation, and other persons entitled thereto, according to their several interests.
3. Termination of Charter. — Upon such a vote to liquidate and dissolve by such corporation, its charter shall become void except for the purpose of discharging its existing obligations and liabilities.
4. Unclaimed Interest. — Funds representing unclaimed interest in liquidation and remaining in the hands of the liquidating committee for six months after the date of the final payment in liquidation shall be deposited by them, together with all books and papers of the liquidating corporation, with the commissioner. Such funds shall be deposited in one or more trust companies or national banks to the credit of the commissioner in his official capacity, in trust for the depositors of the liquidating corporation and other persons entitled thereto, according to their several interests. Upon receipt of evidence satisfactory to him, the commissioner may pay over the moneys so held by him to the persons respectively entitled thereto. In case of doubt or of conflicting claims, he may require an order of the supreme judicial court authorizing and directing the payment thereof. He may apply the interest earned by the money so held to the defraying of expenses incurred in the payment of such unclaimed interest. At the expiration of twelve months from the date of receipt of such funds by the commissioner, such portion thereof as still remains in his possession shall be disposed of as provided in section thirty-five of chapter one hundred and sixty-seven, and such portion shall not be subject to the provisions of chapter two hundred A.