9-1109. Borrowing by liquidating bank or trust company.
9-1109
9-1109. Borrowing by liquidating bank or trust company.
The board of directors of any bank or trust company in the process of
voluntary liquidation may borrow a sum of money not in excess of an amount
equal to one hundred percent of its total deposit liabilities and may
pledge therefor its assets: Provided, That the commissioner first must
approve any such transaction including the nature and amount of the
security.
History: L. 1947, ch. 102, § 38; June 30.