TITLE 19
Financial institutions

CHAPTER 19-11
Conservatorship

SECTION 19-11-1


§ 19-11-1 Appointment of conservator on application by stockholders or directors.

Whenever any financial institution or credit union shall petition the director for the appointment of a conservator of its property, assets, and affairs for the benefit of its depositors and other creditors, and in order to provide an opportunity for a reorganization of its affairs, the director is authorized and empowered to appoint himself or herself or a deputy a conservator of that financial institution or credit union, the petition in each case to be made in pursuance of a vote adopted by a majority of the board of directors or under the same conditions which could allow the director to petition the court for the appointment of a receiver.

History of Section.
(P.L. 1995, ch. 82, § 49.)