9-1304.   Closed banks may borrow from or sell to federal insurance corporations.The commissioner or the receiver or liquidator, or the board ofdirectors of any bank which may be closedbecause of its inability to meet the demands of its depositors may borrowfrom the federal deposit insurance corporation or its successor, and pledgeany part or all of its assets as security, whether such bank is insolventor not, except that all such loans first must have the approval of thecommissioner. The assets, or any portion thereof, of any bank which mayclose because of its inability to meet the demands of its depositors may besold to the federal deposit insurance corporation or its successor uponsuch terms and conditions as the commissioner shall approve. If theinsurance corporation is acting as receiver or liquidator for such bank,then the approval of the district court of the county wherein the bank islocated first must be obtained for any such sale. Nothing contained in thissection shall limit the power of any bank, thecommissioner or receiver or liquidator thereof to pledge or sell anyassets in accordance with other provisions of this act and existing laws.

      History:   L. 1947, ch. 102, § 62; L. 1989, ch. 48, § 40; July 1.