§ 490-F — Powers of superintendent to obtain payment from fund

New York § 490-F

• Jurisdiction: New York
• Law BNK: Banking
• Art. 11-A: Credit Union Insurance Fund

Text

§ 490-f. Powers of superintendent to obtain payment from fund. In any\ncase where the superintendent has taken possession of any party to the\nagreement and has been engaged in the liquidation thereof for one year,\nhe may demand of the trustee or trustees payment to him from the fund of\nsuch sum as shall be necessary to enable him to pay a dividend on\naccount of insured shares which taken together with any dividends\npreviously paid on account thereof will equal fifty per centum of the\nestablished insured claim of shareholders. At the end of two years from\nthe date upon which the superintendent took possession of any such party\nto the agreement he may demand of the trustee or trustees payment to him\nfrom the fund of such additional sum as shall be necessary to enable him\nto pay a dividend on account of insured shares which taken together with\ndividends previously paid on account thereof shall equal seventy-five\nper centum of such established insured claims of shareholders. At the\nend of three years from the date upon which the superintendent took\npossession of any party to the agreement he may demand of the trustee or\ntrustees payment to him from the fund of such additional sum as shall be\nnecessary to enable him to pay the unpaid balance of such established\ninsured claims of shareholders. Any payments demanded by the\nsuperintendent shall be paid to him from the fund by the trustee or\ntrustees within thirty days of the date of such demand. Any sum realized\nby the superintendent from the liquidation of any party to the agreement\nafter shareholders have been paid in full, shall be paid by him to the\ntrustee or trustees of the fund to the extent of the aggregate of the\nsums paid by the trustee or trustees to the superintendent under the\nprovisions of this section.\n