§ 13-4-506 — Dividends; borrowing to pay dividends; court approval needed

Wyoming § 13-4-506

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 4: REORGANIZATION OF BANKS
• Art. 5: PREFERENCES, DISPOSITION OF ASSETS, REORGANIZATION

Text

(a) After the expiration of the time for the presentation
of claims, the state banking commissioner may declare dividends
out of any remaining funds after payment of expenses. One (1)
year from the first publication of notice to creditors he may
declare a final dividend as directed by the district court.
(b) The state banking commissioner when he deems the
payment of dividends without further delay to be advisable may
borrow money from any governmental agency. As security for the
loan, the state banking commissioner may pledge assets of the
insolvent bank as necessary.
(c) The authority of this section shall be exercised only
with the approval of the district court of the county in which
the bank is located. The court shall determine the amount that
may be borrowed, the rate of interest that may be paid, the
maturity of the proposed loan and the assets that may be pledged
as collateral.