select2 on clear event code example

Example 1: select2 clear options

Remove the selected options : 
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$('#mySelect2').val(null).trigger('change');

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Completly remove the select2 initialization :
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$('#payment_method').html('').select2({data: [{id: '', text: ''}]});

Example 2: select2.org events

$('#mySelect2').on('select2:select', function (e) {
    var data = e.params.data;
    console.log(data);
});