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This entry was published on 2014-09-22
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Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation
Banking (BNK) CHAPTER 2


Section 600. Merger; when authorized.

601. Merger agreement; authorization; approval; filing.

601-a. Purchase of assets.

601-b. Approval or disapproval of merger or purchase of assets.

601-c. Sale, lease, exchange or other disposition of property,

rights, privileges and franchises.

602. Effect of merger.

603. Issuance of new certificates of stock or other


604. Rights of dissenting stockholders.

604-a. Transfer of fiduciary relationships.

605. Voluntary liquidation; sale of assets; forfeiture of

charter by non-user.

605-a. Transfer of deposit liabilities of bank or trust company;

sale or pledge of assets to facilitate such transfer.

606. When superintendent may take possession of banking

organization; when possession may be surrendered.

607. Manner and time within which taking possession may be


609. Resumption of business by bank, trust company or

industrial bank; retirement of certificates;

applicability to stock-form savings banks and

stock-form savings and loan associations.

610. Resumption of business in accordance with plan of


611. Special deputies; assistants; counsel and other


611-a. Appointment of single judge.

612. Certificates to be recorded and received in evidence.

612-a. Payment of wages.

613. Payment by superintendent of expenses of liquidation.

614. Obtaining possession of pleadings, et cetera, in actions

against which attorneys' liens are asserted.

615. On taking possession, superintendent shall notify those

holding assets; effect of notification; turnover of

assets and payment of debts owed to the banking


616. Inventory of assets; where filed.

617. Disposition of property held as bailee, or depositary;

opening of safe deposit boxes; disposal of contents.

618. Liquidation and conservation of assets; compromising

debts and claims; deposit of moneys collected;

preference; superintendent, as liquidator, authorized

to borrow on and pledge assets of banks.

618-a. Repudiation of contracts.

619. Prosecution and defense of actions; actions preferred;

limitations; power to execute instruments; exemption

from filing and other fees.

620. Notice to creditors to make proof of claims; form of

claims; claims for priority of payment.

620-a. Certain claims shall not be accepted.

622. List of claims duly presented; filing.

623. Filing objections to claims presented or listed;

procedure upon claim under objection.

624. Acceptance and rejection of claims and accounts; filing

of list thereof; secured claims and accounts;

determination of priorities.

625. Effect of accepting claims and accounts; limitation upon

actions to establish claims and accounts; necessary

allegations; effect of judgment.

626. Judgments recovered shall not be liens.

627. Dividends to creditors; distributions to stockholders;

dissolution; destruction of documents.

628. Payment of dividends when deposits have been made

available by Federal Deposit Insurance Corporation.

629. Payment of dividends to minors, trustees or joint

depositors; payment of dividends where adverse claim is

asserted; interpleader in certain actions.

630. Claims of shareholders and members of credit unions and

savings and loan associations.

631. Actions against directors, trustees, managers or officers

for violation of their official duties.

633. Service of notice or process during time of war.

634. Power to appoint regulator or insurer as receiver;

additional powers.