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2012 Statute

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9-1109.Borrowing by liquidating bank or trust company. The board of directors of any bank or trust company in the process of voluntary liquidation may borrow a sum of money not in excess of an amount equal to one hundred percent of its total deposit liabilities and may pledge therefor its assets: Provided, That the commissioner first must approve any such transaction including the nature and amount of the security.

History: L. 1947, ch. 102, § 38; June 30.

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2020. Powered by KLISS. Rendered: 2020-07-11T23:50:21. Head Rev No: 345400