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Can you summarize RIGL Title 19, Chapter 10?
Financial institutions > Voluntary Liquidation
Short Summary
The provided legal document content pertains to the voluntary liquidation process for financial institutions and credit unions in the State of Rhode Island. The document outlines the procedures and duties related to the advertisement and payment of unclaimed deposits and dividends in financial institutions or credit unions. It requires the receiver, officer, or agent of the financial institution or credit union to provide the general treasurer with a list of unclaimed deposits and dividends, along with the names of the parties entitled to them. Claimants who can provide satisfactory evidence of the validity of their claim are entitled to payment from the general treasury. The state controller is authorized to draw orders on the general treasurer in favor of the claimant upon presentation of proper vouchers. Additionally, the general treasurer is required to advertise a list of unclaimed dividends and the supposed entitled persons in public newspapers for three successive weeks. The document also states that during the liquidation period, the financial institution or credit union shall be subject to the same provisions provided in the title for the regulation of financial institutions or credit unions in the hands of receivers. It clarifies that the jurisdiction of the superior court sitting in equity over the financial institution or credit union is not abridged by this chapter. Furthermore, the document explains that a solvent financial institution or credit union may be closed through a vote of its stockholders, depositors, or members, subject to the approval of the director or the director’s designee. The directors are required to submit a plan of liquidation to the director or the director’s designee for approval. Another provision mentioned in the document governs the delivery of unclaimed funds and property to the general treasurer. It states that when the final dividend in liquidation is declared and a certain period of time has elapsed without further dividends or declaration, the receiver, officer, or agent may pay over all remaining funds and deliver all remaining property to the general treasurer upon the allowance of their account by the superior court or the financial institution or credit union, and with the order of the court or the financial institution or credit union. Once the payment and delivery are made, the powers, obligations, duties, and liabilities of the receiver, officer, or agent will terminate. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Financial institutions and credit unions in the State of Rhode Island
What does it govern?
Voluntary liquidation of financial institutions and credit unions in the State of Rhode Island
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Rhode Island