§ 64-B — Powers of town with respect to municipal deposits in national banks in liquidation

New York § 64-B

• Jurisdiction: New York
• Law TWN: Town
• Art. 4: Town Boards

Text

* § 64-b. Powers of town with respect to municipal deposits in\nnational banks in liquidation. Whenever the depositors and other\nunsecured creditors of a national bank, representing at least sixty per\ncentum in amount of its total net unsecured liabilities as shown by the\nbooks of the bank, acting pursuant to section two hundred seven of the\nbank conservation act, have waived and released to the bank a certain\npercentage of their deposits and/or other claims, the town board of a\ntown having municipal funds deposited in such bank, upon determining by\nmajority vote that it is for the best interest of the town, may\nauthorize the supervisor of such town to execute a waiver and/or\nrelease, similar in form to those executed by such other depositors, by\nwhich it shall waive and/or release unto such bank a like percentage in\namount of its net unsecured claim against the bank as shall have been\ntheretofore waived and/or released by the other depositors and/or\ncreditors representing at least sixty per centum in amount of its total\nnet unsecured liabilities, as aforesaid. The certificate of the\nconservator or other public official in charge of such bank to the\neffect that waivers and/or releases have been so executed to the amount\nof sixty per centum of the total net unsecured liabilities of such bank,\nshall constitute the necessary condition precedent to such action by the\ntown board of the town. Neither the supervisor nor any member of a town\nboard shall be liable to the town for any authorization given or release\nor waiver executed pursuant to the provisions of this section.\n * NB Effective until June 30, 2027; then becomes § 64-a\n