Section 490-F. Powers of superintendent to obtain payment from fund  


Latest version.
  • In any
      case where the superintendent has taken possession of any party  to  the
      agreement  and has been engaged in the liquidation thereof for one year,
      he may demand of the trustee or trustees payment to him from the fund of
      such sum as shall be necessary to  enable  him  to  pay  a  dividend  on
      account  of  insured  shares  which  taken  together  with any dividends
      previously paid on account thereof will equal fifty per  centum  of  the
      established  insured claim of shareholders. At the end of two years from
      the date upon which the superintendent took possession of any such party
      to the agreement he may demand of the trustee or trustees payment to him
      from the fund of such additional sum as shall be necessary to enable him
      to pay a dividend on account of insured shares which taken together with
      dividends previously paid on account thereof  shall  equal  seventy-five
      per  centum  of  such established insured claims of shareholders. At the
      end of three years from the date  upon  which  the  superintendent  took
      possession of any party to the agreement he may demand of the trustee or
      trustees payment to him from the fund of such additional sum as shall be
      necessary  to  enable  him to pay the unpaid balance of such established
      insured  claims  of  shareholders.  Any   payments   demanded   by   the
      superintendent  shall  be  paid  to  him from the fund by the trustee or
      trustees within thirty days of the date of such demand. Any sum realized
      by the superintendent from the liquidation of any party to the agreement
      after shareholders have been paid in full, shall be paid by him  to  the
      trustee  or  trustees  of the fund to the extent of the aggregate of the
      sums paid by the trustee or trustees to  the  superintendent  under  the
      provisions of this section.