US Lawyer Database

By authority of order on the minutes signed by all five directors, the corporation may do and perform, without approval of court, the following, to-wit:

Employ and fix the compensations of the liquidator, counsel and other employees;

Lease premises to be occupied by the corporation as business quarters;

Borrow money, execute promissory notes, and pledge or mortgage the assets of the corporation;

Compromise or extend indebtedness due the bank being liquidated, and release and surrender securities and collaterals;

Compromise claims against the bank;

Sell any or all assets of the bank for cash or on other terms;

Barter or exchange any assets of the bank for other property;

Lease any property belonging to the bank;

Pay dividends to creditors or stockholders of the bank.