State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-148

Article13.

Conservation of BankAssets and Issuance of Preferred Stock.

§ 53‑148.  Provision forbank conservators; duties and powers.

Whenever he shall deem itnecessary, in order to conserve the assets of any bank for the benefit of thedepositors and other creditors thereof, the Commissioner of Banks may (with theapproval of the Governor), appoint a conservator for such bank and require ofsuch conservator such bond with such security as he may deem necessary andproper. The conservator, under the direction of the Commissioner of Banks,shall take possession of the books, records and assets of every description ofsuch bank, and take such action as may be necessary to  conserve the assets ofsuch bank pending further disposition of its business as provided by law. Suchconservator shall have all such rights, powers and privileges, subject to theCommissioner of Banks, now possessed by or hereafter given to the Commissionerof Banks under G.S. 53‑20, as amended, as are necessary to conserve theassets of said bank. During the time that such conservator remains inpossession of such bank, the rights of all parties with respect thereto, shallbe the same as those provided in G.S. 53‑20, as amended. All expenses ofany such conservator shall be paid out of the assets of such bank and shall bea lien thereon which shall be prior to any other lien provided by this Articleor otherwise. The conservator shall receive as salary an amount no greater thanthat paid at the present time to employees of departments of the Stategovernment for similar services. (1933, c. 155, s. 1.)