9-1304. Closed banks may borrow from or sell to federal insurance corporations.
9-1304
9-1304. Closed banks may borrow from or sell to federal insurance corporations.
The commissioner or the receiver or liquidator, or the board of
directors of any bank which may be closed
because of its inability to meet the demands of its depositors may borrow
from the federal deposit insurance corporation or its successor, and pledge
any part or all of its assets as security, whether such bank is insolvent
or not, except that all such loans first must have the approval of the
commissioner. The assets, or any portion thereof, of any bank which may
close because of its inability to meet the demands of its depositors may be
sold to the federal deposit insurance corporation or its successor upon
such terms and conditions as the commissioner shall approve. If the
insurance corporation is acting as receiver or liquidator for such bank,
then the approval of the district court of the county wherein the bank is
located first must be obtained for any such sale. Nothing contained in this
section shall limit the power of any bank, the
commissioner or receiver or liquidator thereof to pledge or sell any
assets in accordance with other provisions of this act and existing laws.
History: L. 1947, ch. 102, § 62; L. 1989, ch. 48, § 40; July 1.