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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 172 TRUST COMPANIES
  • Section 39 Dissolution and liquidation

Section 39. Subject to the written approval of the commissioner, any trust company may be dissolved and liquidate its affairs if authorized by a vote passed, at a meeting specially called to consider the subject, by at least two-thirds of the stockholders of a trust company representing at least two-thirds of its outstanding capital stock. A committee of three stockholders shall thereupon be elected, and, under such regulations as may be prescribed by the commissioner, shall liquidate the assets, and after satisfying all debts of the corporation shall distribute the remaining proceeds among those entitled thereto in proportion to their respective interests therein.