Pennsylvania Act 1935-313 — BANKS, LIQUIDATION

Act text

BANKS, LIQUIDATION
                 Act of Jul. 12, 1935, P.L. 970, No. 313              Cl. 07
                                  AN ACT

     Authorizing certain persons having charge of certain banking
        institutions which are in the process of liquidation, and
        which have been surrendered by the Secretary of Banking, to
        borrow money from certain agencies of the United States
        Government.

        Section 1.  Be it enacted, &c., That the officer, person,
     body, or committee in charge of the liquidation of any State
     bank, bank and trust company, or trust company, following
     surrender of the liquidation thereof by the Secretary of
     Banking, in the manner provided by law, shall have power to
     borrow money from any agency or instrumentality of the United
     States Government, except from National banks or of the
     Commonwealth of Pennsylvania, and pledge or hypothecate, as
     security therefor, any real or personal property of the
     institution for the purpose of expediting the liquidation of the
     assets of such institution.
        Section 2.  This act shall become effective immediately upon
     its final enactment.