(a) The board of a state trust company, with the commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder approval if the commissioner finds the:
(1) Interests of the state trust company's clients and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and
(2) Sale is in the best interest of the state trust company's clients and creditors.
(b) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:
(1) All of the state trust company's liabilities to clients;
(2) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;
(3) Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and
(4) Fees and assessments due the department.
(c) This section does not affect the commissioner's right to take action under another law. The sale by a trust company of all or substantially all of its assets with shareholder approval is considered a voluntary dissolution and liquidation and is governed by § 45-2-1501.
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