Borrowing Money To Facilitate Liquidation Or Reopening Of Bank

TITLE 26 BANKS AND BANKING CHAPTER 10 CLOSING AND LIQUIDATION OF BANKS 26-1025. Borrowing money to facilitate liquidation or reopening of bank. The director of the department of finance, when he deems it to be for the best interest of the depositors of any closed bank, shall be and hereby is authorized and empowered in his official capacity, without personal liability, and under orders of the court, to borrow from any federal agency, or any corporation or person, for the purpose of facilitating the liquidation of such bank and making distribution to depositors, and/or for the purpose of reorganizing or reopening such bank, and as security for the payment of any money so borrowed, the director may pledge or otherwise hypothecate or mortgage all or any part of the assets of such bank and enter into all such contracts or agreements in connection therewith as he may deem prudent and advisable.