In case the board of a subject institution has, prior to January 1, 1979, adopted a resolution levying an assessment on the common shares of such subject institution in accordance with an order issued by the commissioner pursuant to Section 661 of the prior Banking Law:
(a) If the assessment has, prior to January 1, 1979, become a lien on the common shares in accordance with Section 2704 of the prior General Corporation Law, the assessment shall be collected pursuant to the prior General Corporation Law:
(b) Otherwise, the resolution shall be deemed to be rescinded on January 1, 1979.
(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)