§ 53-151. Special funds for paying depositors and creditors ratably; new deposits.
§53‑151. Special funds for paying depositors and creditors ratably; newdeposits.
While such bank is in thehands of the conservator appointed by the Commissioner of Banks, theCommissioner of Banks may require the conservator to set aside from unpledgedassets and make available for withdrawal by depositors and payment to othercreditors on a ratable basis, such amounts as, in the opinion of theCommissioner of Banks, may safely be used for this purpose; and theCommissioner of Banks, may, in his discretion, permit the conservator toreceive deposits, but deposits received while the bank is in the hands of theconservator (as well as special or trust deposits received by any bank, underthe orders of the Commissioner of Banks, since March 2, 1933), shall not besubject to any limitation as to payment or withdrawal, and such deposits shallbe segregated and shall not be used to liquidate any indebtedness of such bankexisting at the time that a conservator was appointed for it, or any subsequentindebtedness incurred for the purpose of liquidating any indebtedness of saidbank existing at the time such conservator was appointed. Such depositsreceived while the bank is in the hands of the conservator, as well as thespecial or trust deposits received since March 2, 1933, shall be kept on handin cash or on deposit with a federal reserve bank. In being transmitted to thefederal reserve bank, said deposits shall be so marked and designated as toindicate to such federal reserve bank that they are special deposits. (1933,c. 155, s. 4.)