9-1109.   Borrowing by liquidating bank or trust company.The board of directors of any bank or trust company in the process ofvoluntary liquidation may borrow a sum of money not in excess of an amountequal to one hundred percent of its total deposit liabilities and maypledge therefor its assets: Provided, That the commissioner first mustapprove any such transaction including the nature and amount of thesecurity.

      History:   L. 1947, ch. 102, § 38; June 30.