The board of township trustees may compound or release, in whole or in part, a debt, obligation, judgment, or claim due the township, from a bank in process of liquidation or operating under a conservatorship, or due the board, except where any member of such board is personally interested as a stockholder of the bank. The board shall enter upon its records a statement of the facts and the reasons for such compounding or release.
Effective Date: 10-01-1953
Section: Previous 505.27 505.28 505.29 505.30 505.31 505.32 505.33 505.34 505.35 505.36 505.37 505.371 505.372 505.373 505.374 NextLast modified: October 10, 2016