17:12B-220 - Powers of insurance corporation
17:12B-220.Ā Powers of insurance corporation
The Federal Savings and Loan Insurance Corporation shall have all the rights, privileges and powers conferred upon it by the Federal statutes now or hereafter enacted, and may make loans on the security of, or purchase at publicĀ or private sale, or at any receiver's sale, and, when purchased, may liquidateĀ or sell, any part of the assets of the State association, and, in the event ofĀ the purchase of any of such assets, it shall bid for and pay a fair andĀ reasonable price.Ā Whether or not the Federal Savings and Loan InsuranceĀ Corporation shall serve as aforesaid, whenever it shall pay or make availableĀ for payment the liabilities of any such insured State association inĀ liquidation which are insured by it, it shall be subrogated upon the surrenderĀ and transfer to it of any account insured by it, with respect to such account,Ā but such surrender and transfer of such account shall not affect any rightĀ which the transferor thereof may have in any portion of such account which isĀ uninsured or any right to participate in the distribution of the net proceedsĀ remaining from the disposition of the assets of such insured State association; provided, that the rights of the investors in, and creditors of, such insuredĀ State association shall be determined in accordance with the applicableĀ provisions of the laws of this State.
L.1963, c. 144, s. 220.
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The Federal Savings and Loan Insurance Corporation shall have all the rights, privileges and powers conferred upon it by the Federal statutes now or hereafter enacted, and may make loans on the security of, or purchase at publicĀ or private sale, or at any receiver's sale, and, when purchased, may liquidateĀ or sell, any part of the assets of the State association, and, in the event ofĀ the purchase of any of such assets, it shall bid for and pay a fair andĀ reasonable price.Ā Whether or not the Federal Savings and Loan InsuranceĀ Corporation shall serve as aforesaid, whenever it shall pay or make availableĀ for payment the liabilities of any such insured State association inĀ liquidation which are insured by it, it shall be subrogated upon the surrenderĀ and transfer to it of any account insured by it, with respect to such account,Ā but such surrender and transfer of such account shall not affect any rightĀ which the transferor thereof may have in any portion of such account which isĀ uninsured or any right to participate in the distribution of the net proceedsĀ remaining from the disposition of the assets of such insured State association; provided, that the rights of the investors in, and creditors of, such insuredĀ State association shall be determined in accordance with the applicableĀ provisions of the laws of this State.
L.1963, c. 144, s. 220.
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