Idaho State Statutes - Idaho Attorney Directory

(1) Upon approval of a two-thirds (2/3)
vote of its board of directors and after complying with subsection (2) of this
section, a licensee may apply to the director to have the director accept the
surrender of the licensee's license. If the director determines that the
requirements of this section have been satisfied, the director shall approve
the application unless in the opinion of the director the purpose of the
application is to evade a current or prospective action by the director
pursuant to this chapter.
(2) Not less than sixty (60) days before filing an application with the
director under subsection (1) of this section, a licensee shall notify all of
its shareholders and all of its creditors of its intention to file the
application. Each creditor shall be notified of the right to comment to the
director. Each shareholder shall be notified of the right to file with the
licensee an objection to the proposed surrender of the license within the
sixty (60) day period and shall be advised that, if the shareholder files an
objection, the shareholder should send a copy of the objection to the
director. If shareholders representing twenty percent (20%) of the outstanding
voting securities of the licensee file an objection, the licensee shall not
proceed with the application under subsection (1) of this section unless the
application is approved by a vote of shareholders representing two-thirds
(2/3) of the outstanding voting securities of the licensee.

Click here to visit the Official Idaho State Statutes