Any banking institution now or hereafter reorganized under the laws of this state is hereby empowered, on the authority of its board of directors, or a majority thereof, to enter into such contracts, incur such obligations and generally to do and perform any and all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges, which may at any time be available or endure [enure] to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators, by virtue of those provisions of Section 8, of the federal "Banking Act of 1933" (Sec. 12B of the Federal Reserve Act, as amended), which establish the federal deposit insurance corporation and provide for the insurance of deposits, or of any other provisions of that or of any other act or resolution of congress to aid, regulate or safeguard banking institutions and their depositors, including any amendments of the same or any substitutions therefor; also, to subscribe for and acquire any stock, debentures, bonds or other types of securities of the federal deposit insurance corporation and to comply with the lawful regulations and requirements from time to time issued or made by such corporation.
History: Laws 1935, ch. 16, § 2; 1941 Comp., § 50-1102; 1953 Comp., § 48-11-2.
ANNOTATIONSFederal Reserve Act. — Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 427.
Rights of owners of securities deposited in bank to payment out of guaranty fund, 51 A.L.R. 920, 84 A.L.R. 1534, 126 A.L.R. 625.
Insolvency of bank guaranty fund as affecting rights or obligations of member banks and their depositors, 78 A.L.R. 808.
Bank guaranty laws as special or class legislation, 111 A.L.R. 148.
Draft, cashier's check or certified check, purchaser or holder of, as a depositor within statutes relating to guaranty or insurance of deposit liability, 111 A.L.R. 228.
Federal Deposit Insurance Corporation Act, constitutionality and construction of criminal provision of, 114 A.L.R. 489.
Trust business, constitutionality, construction and application of federal statute relating to power of national bank to engage in, 153 A.L.R. 410.
Interest in respect of insured deposit, liability of federal deposit insurance corporation for, 153 A.L.R. 532.
9 C.J.S. Banks and Banking § 650.