Financial Institutions


SECTION 19-12-14

§ 19-12-14. Presumptions.

With respect to any financial institution or credit union to which a receivership proceeding is commenced pursuant to the provisions of this chapter, any member of its governing body or officer who votes or takes any action solely to approve or authorize the commencement of the proceeding or to accept service of citation or other process; to admit or cause to be admitted the allegations of any complaint or petition commencing the proceeding; or to consent to or join in the request for relief contained therein, shall be conclusively presumed to have taken the action in good faith, in the exercise of a reasonable business judgment, and in the best interests of the financial institution or credit union, its depositors, or other creditors.

History of Section.
(P.L. 1995, ch. 82, § 50.)