32-8-312. Dissolution -- closing. (1) The board may, upon a finding of negligence, misconduct, or any of the conditions specified in 32-8-202 dissolve the charter of a depository and remove any directors, executive officers, or employees prior to the dissolution in accordance with the provisions of Title 32, chapter 1, part 9.
     (2) The department may close a depository and take possession of the books, records, and assets of the depository and hold them until the depository is authorized by the board to resume business or until its affairs are liquidated in accordance with Title 32, chapter 1, part 5.
     (3) Except in accordance with the provisions in part 5 of this chapter, an individual financial record may not be disclosed in the process of dissolving or closing a depository, and the penalties for wrongful disclosure in part 5 of this chapter apply to the board, the department, and the depository.
     (4) A foreign capital depository may not close its primary office or cease operations without the written approval of the department.
     (5) Voluntary dissolution of a depository must comply with the provisions of 32-1-501.

     History: En. Sec. 21, Ch. 382, L. 1997.