Rhode Island General Laws Title 19. Financial Institutions § 19-10-1. Power to liquidate--Appointment of agent

Any financial institution or credit union that is solvent may, subject to the approval of the director, or the director's designee, liquidate and be closed by a vote of its stockholders owning two thirds (2/3) of its capital stock or, in the case of a mutually owned savings bank, two thirds (2/3) of its depositors or, in the case of credit unions, two thirds (2/3) of its members. For the purpose of closing the affairs of any financial institution or credit union, the directors shall submit a plan of liquidation to the director, or the director's designee, for approval.