9-1905. Receiver for insolvent and undercapitalized bank or trust company.
9-1905
9-1905. Receiver for insolvent and undercapitalized bank or trust
company.
When the commissioner shall take charge of any insolvent or critically
undercapitalized bank or trust company pursuant to article 19 of chapter 9 of
the Kansas Statutes Annotated
and amendments thereto, the commissioner shall ascertain its actual condition
as soon as possible by making a
thorough investigation into its affairs and condition, and if the
commissioner shall be satisfied that such bank or trust company cannot
sufficiently recapitalize, resume business or liquidate its indebtedness to
the satisfaction of its
depositors and creditors, then the commissioner forthwith shall appoint a
receiver therefor and require the receiver to give such bond as the
commissioner deems proper. The commissioner also shall fix reasonable
compensation for the receiver but the same shall be subject to the approval
of the district court of the county wherein such bank or trust company is
located upon the application of any party in interest.
Any receiver shall be a resident of the state of Kansas and shall have
had at least five years credit experience.
Upon written
application made within 30 days after the finding of insolvency
the
commissioner shall appoint as receiver any person whom the holders of more
than 60% in amount of the claims against such bank or
trust
company shall agree upon in writing. The creditors so agreeing
may also
agree upon the compensation and charges to be paid such receiver. Each
receiver so appointed shall make a complete report to the commissioner
covering the receiver's acts and proceedings as such. The commissioner may
remove for cause any receiver and appoint the receiver's successor.
History: L. 1947, ch. 102, § 113;
L. 1993, ch. 7, § 5; March 18.