1. Any savings bank which is, or may hereafter be, closed on account of inability to meet the demands of its depositors, by action of the Commissioner, by action of a court, by action of its directors or due to its insolvency or suspension, the Commissioner, or the receiver or liquidator of the savings bank with the permission of the Commissioner, may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of the savings bank to the Federal Deposit Insurance Corporation as security for a loan from it, but where the Federal Deposit Insurance Corporation is acting as the receiver or liquidator, the order of a court of record of competent jurisdiction must be first obtained approving the loan. 2. The Commissioner, or the receiver or liquidator of any savings bank with the permission of the Commissioner, upon the order of a court of record of competent jurisdiction, may sell to the Federal Deposit Insurance Corporation any part or all of the assets of the savings bank. 3. The provisions of this section do not limit the power of any savings bank, the Commissioner, receivers or liquidators to pledge or sell assets in accordance with any other existing law.
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