Any bank or trust company may place itself under the control of the director to be liquidated as herein provided by posting a notice on its door as follows: "This bank (trust company) is in the hands of the State Director of Financial Institutions."

     Immediately upon the posting of such notice, the officers of such corporation shall notify the director thereof by telegraph and mail. The posting of such notice or the taking possession of any bank or trust company by the director shall be sufficient to place all of its assets and property of every nature in his or her possession and bar all attachment proceedings.

[1994 c 92 § 120; 1955 c 33 § 30.44.160. Prior: 1917 c 80 § 72; RRS § 3279.]