All municipal corporations may compound or release, in whole or in part, any debt, obligation, judgment, or claim, due the municipal corporation from a bank in process of liquidation or operating under a conservatorship. Where a member of the legislative authority is personally interested as a stockholder in such bank, the legislative authority of such municipal corporation 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 715.011 715.012 715.013 715.013-2 715.014 715.02 715.03 715.04 715.05 715.06 715.07 715.08 715.09 715.10-to-715.12 715.13 NextLast modified: October 10, 2016