Prior to the issuance of an authorization to do business, the superintendent may cause
the dissolution of a state bank if there exists any reason why it should not have
been incorporated or organized under this chapter or if an authorization to do business
has not been issued within one year after the date of its incorporation or organization,
or such longer time as the superintendent may allow for satisfaction of conditions
precedent to its issuance. After giving the state bank adequate notice and an opportunity for hearing, the
superintendent shall certify the applicable facts by the filing of a statement with
the secretary of state, who shall thereafter issue a certificate of dissolution. Upon the issuance of such certificate of dissolution by the secretary of state,
the corporate or organizational existence of the state bank shall cease.
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