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This entry was published on 2020-04-24
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SECTION 64-B
Powers of town with respect to municipal deposits in national banks in liquidation
Town (TWN) CHAPTER 62, ARTICLE 4
* § 64-b. Powers of town with respect to municipal deposits in
national banks in liquidation. Whenever the depositors and other
unsecured creditors of a national bank, representing at least sixty per
centum in amount of its total net unsecured liabilities as shown by the
books of the bank, acting pursuant to section two hundred seven of the
bank conservation act, have waived and released to the bank a certain
percentage of their deposits and/or other claims, the town board of a
town having municipal funds deposited in such bank, upon determining by
majority vote that it is for the best interest of the town, may
authorize the supervisor of such town to execute a waiver and/or
release, similar in form to those executed by such other depositors, by
which it shall waive and/or release unto such bank a like percentage in
amount of its net unsecured claim against the bank as shall have been
theretofore waived and/or released by the other depositors and/or
creditors representing at least sixty per centum in amount of its total
net unsecured liabilities, as aforesaid. The certificate of the
conservator or other public official in charge of such bank to the
effect that waivers and/or releases have been so executed to the amount
of sixty per centum of the total net unsecured liabilities of such bank,
shall constitute the necessary condition precedent to such action by the
town board of the town. Neither the supervisor nor any member of a town
board shall be liable to the town for any authorization given or release
or waiver executed pursuant to the provisions of this section.

* NB Effective until June 30, 2025; then becomes § 64-a