Section 64-B. Powers of town with respect to municipal deposits in national banks in liquidation

Whenever  the  depositors  and  other
  unsecured  creditors of a national bank, representing at least sixty per
  centum in amount of its total net unsecured liabilities as shown by  the
  books  of  the bank, acting pursuant to section two hundred seven of the
  bank conservation act, have waived and released to the  bank  a  certain
  percentage  of  their  deposits and/or other claims, the town board of a
  town having municipal funds deposited in such bank, upon determining  by
  majority  vote  that  it  is  for  the  best  interest  of the town, may
  authorize the supervisor  of  such  town  to  execute  a  waiver  and/or
  release,  similar in form to those executed by such other depositors, by
  which it shall waive and/or release unto such bank a like percentage  in
  amount  of  its  net unsecured claim against the bank as shall have been
  theretofore waived  and/or  released  by  the  other  depositors  and/or
  creditors  representing at least sixty per centum in amount of its total
  net  unsecured  liabilities,  as  aforesaid.  The  certificate  of   the
  conservator  or  other  public  official  in  charge of such bank to the
  effect that waivers and/or releases have been so executed to the  amount
  of sixty per centum of the total net unsecured liabilities of such bank,
  shall constitute the necessary condition precedent to such action by the
  town  board of the town. Neither the supervisor nor any member of a town
  board shall be liable to the town for any authorization given or release
  or waiver executed pursuant to the provisions of this section.
    * NB Effective until June 30, 2010; then becomes § 64-a