Honorable William D. Gordon AGO 65 Opinion No. 65 Pennsylvania Attorney General Opinions Opinions Of The Attorney General September 22, 1932 Banking—Power of Secretary of Banking in possession of dosed institutions to sell or exchange listed and unlisted securities—The Banking Act of X923, as amended by the Act of July 20, X932. The Secretary of Banking in possession of closed institutions under tiis supervision may without leave of court, sell, transfer and deliver listed and unlisted securities to such parties, at such times, on such terms, and for such prices as to him seems best for the interests of the estate without leave of court unless he obtains therefor an obligation not reduced in amount of principal or rate of interest, of which the maturity date is not postponed, and for which no concession in the priority of the lien has been given. Department of Justice, Honorable William D. Gordon, Secretary of Banking, Harrisburg, Pennsylvania. Sir: You have asked whether your powers as Secretary of Banking in possession of closed institutions with respect to the disposition of personal property consisting principally of stocks and bonds, include the following: 1. The right, without leave of court, and for any price, to sell listed and unlisted securities belonging to the estates of institutions in your possession. 2. The right, without leave of court, to exchange securities in connection with the reorganization or readjustment of the obligations of corporations issuing them. Section 29 of The Banking Act 1923, approved June 15, 1923, P. L. 809, prescribes your powers and duties when in possession of the business and property of any corporation or person subject to the jurisdiction of the Department of Banking. Section 29, as amended by the Act of May 5, 1927, P. L. 762, and by Act No. 2 of the Extraordinary Session of 1932, approved July 20, 1932, gives you the powers of a receiver appointed by any court of equity in this Commonwealth, and vests in you, in your official capacity, all the rights, powers and duties of the corporation or person whose business and property you have taken into possession. It gives you title to all the property of such corporation or person.
"* * * including debts due, liens, or securities therefor, and rights of action or redemption, whether or not the property of such corporation or persons, including debts due, liens, or
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