CHAPTER 135

BUILDING AND LOAN ASSOCIATIONS

APPOINTMENT OF STATE BANK COMMISSIONER AS A RECEIVER FOR UNSOUND BUILDING AND LOAN ASSOCIATIONS

AN ACT TO AMEND ARTICLE 6 OF CHAPTER 66 OF THE REVISED CODE OF DELAWARE, 1935, RELATIVE TO "BUILDING AND LOAN ASSOCIATIONS", BY PROVIDING FOR THE APPOINTMENT OF THE STATE BANK COMMISSIONER AS RECEIVER FOR UNSOUND BUILDING AND LOAN ASSOCIATIONS.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That 2351. Sec. 94, of Chapter 66 of the Revised Code of Delaware, 1935, be and the same is hereby amended by adding a new paragraph to said section, as follows:

The receiver to be appointed as aforesaid shall be the State Bank Commissioner or, in his absence or disability, the Deputy Bank Commissioner. Neither of said officials shall receive any extra compensation for acting as such receiver. The Court may in its discretion vest the receiver with full power and authority to borrow such sum or sums of money as the Court shall determine in order the more readily or expeditiously to settle the affairs of the said building and loan association and/or to make payments to its creditors or to its depositors or to its shareholders. Such borrowing may be from any public or governmental or quasi public or quasi governmental corporation, board, commission or other agency or from any source whatsoever, and the Court may authorize the receiver to secure any such loan by the pledge of any of the property or assets of the building and loan association, and to give the lender a preference as to the pledged property and assets over the creditors of the building and loan association.

Approved March 16, 1943.