Section 396:11 – Reorganization.
396:11 Reorganization. – A majority of the stock or shareholders of any institution under the supervision of the commissioner by stock or share vote, or a majority of the corporation members of a mutual savings bank, may submit to the commissioner at any time a plan for reorganization of such institution or bank. Such […]
Section 395:32 – Destruction of Records.
395:32 Destruction of Records. – Records and papers preserved in the office of the bank commissioner and concerned with the liquidation of a bank, as provided for in this chapter, may be destroyed at the end of 10 years after such liquidation proceedings have been completed. Source. 1957, 2:1, eff. July 1, 1957.
Section 396:1 – Regulation.
396:1 Regulation. – The bank commissioner upon the application of the board of trustees or directors of any institution under his supervision, may regulate the time, amount, and manner of payment and withdrawal of all classes of deposits; the reception of all classes of deposits; the investment of assets within statutory limits; the amount […]
Section 396:2 – Notice.
396:2 Notice. – Notice of any order of the commissioner made hereunder shall be sufficient if served on the treasurer or cashier or other person in charge of the business of the institution affected and on one other officer or a trustee or director thereof, but any order relating to the withdrawal, payment, or […]
Section 396:3 – Violation of Orders.
396:3 Violation of Orders. – It shall be unlawful for any such institution or officer, trustee, director, or employee thereof having notice or knowledge of any such order to violate the provisions thereof. Source. 1933, 114:1. RL 317:3.
Section 396:4 – Limitation of Actions.
396:4 Limitation of Actions. – No right of action by or for any party in interest, including persons under disability, shall lie at law or in equity for the recovery of any money or property in excess of that which may be paid or delivered by such institution under any such order. The assets […]
Section 396:5 – Conservator.
396:5 Conservator. – Whenever the commissioner shall deem it necessary in order to conserve the assets of any institution under his supervision for the benefit of the depositors and other creditors thereof, he may appoint a conservator of such institution and require of him such bond and security as the commissioner deems proper. The […]
Section 396:6 – Powers and Duties.
396:6 Powers and Duties. – The conservator shall have all the powers which could otherwise be exercised by the officers, trustees, and directors of such institution and whatever powers are necessary to carry out the provisions of this chapter, and he shall be subject to all the duties otherwise imposed upon them as extended […]
Section 396:7 – Removal.
396:7 Removal. – The commissioner may remove a conservator at pleasure. He shall terminate such appointment when he deems the interest of the depositors and other creditors no longer requires conservatorship and permit such institution to resume the transaction of its business subject to such terms, conditions, restrictions, and limitations as he may prescribe. […]
Section 396:8 – Review and Appeal.
396:8 Review and Appeal. – Any party in interest may apply in writing to the commissioner at any time for a change, cancellation, or termination of any order of regulation, appointment of conservator, or payment of compensation or expense during conservatorship, and the commissioner shall take such action thereon as he deems the interests […]