§ 6-1021. Liquidation, dissolution and reorganization of trust companies.

A.  A trust company may be liquidated, dissolved and reorganized, for the reasons, in the manner and with the procedures as set forth in Article XII of this act, as such article would be applicable to trust companies, as if trust company were included in the article, with the same force and effect as if named where the word "bank" appears.

B.  Voluntary liquidation and dissolution.  A trust company may be voluntarily liquidated, as a state bank may be voluntarily liquidated, as provided in Section 1201 of this title.

C.  Involuntary liquidation by Commissioner - Reorganization.  Except as otherwise provided in this Code, only the Commissioner may take possession of a trust company and proceed in involuntary liquidation or reorganization, in the same manner, for the same reasons, and with the same procedures as provided in Section 1202 of this title, in addition to the other provisions contained in this article affecting the regulation of trust companies.

D.  Reorganization.  The reorganization of a trust company shall follow the standard manner and procedures contained in Section 1203 of this title, which applies to banks, where the same is applicable to trust companies.

E.  Liquidation by Commissioner - Procedure.  In liquidating a trust company, the form, manner and procedures shall follow, where applicable, the same form, manner and procedure as for banks contained in Section 1204 of this title.

Added by Laws 1968, c. 93, § 18, emerg. eff. April 1, 1968.  Amended by Laws 1997, c. 111, § 86, eff. July 1, 1997.