In House Bill No, 8-76-5, it proposes to remove the provision that stated“ all claims arising out of or in connection with the insolvency of a bank or a bank in receivership against a bank receiver or the Commission in relation to a bank licensed under this chapter shall be finally settled in accordance with the provisions of this chapter. No appeals from the acts of a receiver or the Commission may be taken except that the bank’s shareholders holding not less than ten percent of any class of shares with the right to vote may appeal against the appointment of a receiver for a bank.”
In an interview , Kanai said his bill will provide mechanism in an event that there will be mistreatment , an action can be taken against the receiver.
Kanai said that his bill does not say that there is an existing problem in the law right now, but will only set in place a provision to make sure that there will be protection in case of mistreatment.
The measure has been passed on first reading and has been referred to the appropriate house committees.
