§ 53-9.1. Deposit insurance.
§53‑9.1. Deposit insurance.
(a) Notwithstanding anyother provision of law, no bank established under this Article shall engage inthe business of banking without first securing insurance on its deposits fromthe Federal Deposit Insurance Corporation or any successor corporation createdby an act of Congress.
(b) In order to securedeposit insurance as required by this section, a bank may enter into suchcontracts, incur such obligations, and generally do anything as may benecessary or appropriate in order to take advantage of any memberships, loans,subscriptions, contracts, grants, rights, or privileges that may at any time beavailable to banks or to their depositors, creditors, stockholders,conservators, receivers, or liquidators, as provided in Section 8 of theFederal Banking Act of 1933 (Section 12B of the Federal Reserve Act as amended)or in any other act or resolution of Congress, to aid, regulate, or safeguardbanking institutions and their depositors. In order to secure depositinsurance as required by this section, a bank may also subscribe for andacquire stock, debentures, bonds, or any other securities of the FederalDeposit Insurance Corporation and may comply with the lawful regulations andrequirements that may be imposed by the Federal Deposit Insurance Corporation. (1989,c. 187, s. 4.)