Pennsylvania Act 1937-230 — BANKS LIQUIDATION, TRUSTEES FOR

Act text

BANKS LIQUIDATION, TRUSTEES FOR
                  Act of May 26, 1937, P.L. 886, No. 230              Cl. 07
                                  AN ACT

     Relating to the powers and duties of trustees liquidating
        certain assets of banking institutions which have been
        reorganized; and prescribing the powers and duties of courts
        of common pleas in relation to such liquidation.

        Section 1.  Be it enacted, &c., That when a bank or trust
     company or bank and trust company has heretofore been, or shall
     hereafter be, reorganized under the provisions of any law
     heretofore or hereafter enacted, and shall have transferred to a
     trustee or trustees for liquidation certain of its assets, the
     court of common pleas of the county, in which the principal
     place of business of such bank or trust company or bank and
     trust company was located, shall have jurisdiction over such
     liquidating trustee or trustees.
        Section 2.  Such liquidating trustee or trustees, or any
     party interested in such liquidation, may present his or their
     petition to said court in any matter arising in such
     liquidation, which court shall make such order in the premises
     as seems to it in the best interests of the depositors,
     creditors, and stockholders of such banking institution.
        Section 3.  Unless otherwise provided in the agreement or
     assignment under which the trustee or trustees received such
     assets of the bank, trust company or bank and trust company,
     such trustee or trustees shall file an account of his or their
     administration of such trust in the court of common pleas given
     jurisdiction over such liquidating trustee or trustees by this
     act, at least once a year, and said court shall audit each such
     account and fix the compensation of the trustee or trustees.
        Section 4.  All acts and parts of acts inconsistent herewith
     are hereby repealed.