17:12B-220 - Powers of insurance corporation - New Jersey Statutes

17:12B-220.  Powers of insurance corporation
    The Federal Savings and Loan Insurance Corporation shall have all the rights, privileges and powers conferred upon it by the Federal statutes now or hereafter enacted, and may make loans on the security of, or purchase at public  or private sale, or at any receiver's sale, and, when purchased, may liquidate  or sell, any part of the assets of the State association, and, in the event of  the purchase of any of such assets, it shall bid for and pay a fair and  reasonable price.  Whether or not the Federal Savings and Loan Insurance  Corporation shall serve as aforesaid, whenever it shall pay or make available  for payment the liabilities of any such insured State association in  liquidation which are insured by it, it shall be subrogated upon the surrender  and transfer to it of any account insured by it, with respect to such account,  but such surrender and transfer of such account shall not affect any right  which the transferor thereof may have in any portion of such account which is  uninsured or any right to participate in the distribution of the net proceeds  remaining from the disposition of the assets of such insured State association;   provided, that the rights of the investors in, and creditors of, such insured  State association shall be determined in accordance with the applicable  provisions of the laws of this State.

     L.1963, c. 144, s. 220.