Section 490.241 – Appointment of Conservator; Grounds; Bond and Security; Qualifications; Payment of Administrative Expenses.
490.241 Appointment of conservator; grounds; bond and security; qualifications; payment of administrative expenses. Sec. 241. (1) If any of the grounds under section 232 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in order to conserve the assets of a domestic credit union for the benefit of the members […]
Section 490.242 – Possession of Books, Records, and Assets; Rights of Parties; Discharge of Real Estate Mortgage.
490.242 Possession of books, records, and assets; rights of parties; discharge of real estate mortgage. Sec. 242. (1) Under the direction of the commissioner, a conservator appointed under this part shall take possession of the books, records, and assets of the domestic credit union and take any action necessary to conserve the assets of the […]
Section 490.243 – Withdrawal by Members and Depositors and Payment to Other Creditors; Availability of Amounts; Receipt of Shares and Deposits; Actions; Return of Control to Credit Union Board; Notice.
490.243 Withdrawal by members and depositors and payment to other creditors; availability of amounts; receipt of shares and deposits; actions; return of control to credit union board; notice. Sec. 243. (1) While a domestic credit union is in conservatorship under this part, the commissioner may require the conservator to set aside and make available for […]
Section 490.244 – Authority of Commissioner to Borrow Money; Conditions; Secured Loans.
490.244 Authority of commissioner to borrow money; conditions; secured loans. Sec. 244. With the prior approval of the commissioner, a conservator appointed under this part may borrow money necessary or expedient to aid in the operation or reorganization of the domestic credit union and may secure the loans by the pledge of or lien, security […]
Section 490.245 – Termination of Conservatorship; Determination by Commissioner; Resumption of Business Transactions by Domestic Credit Union; Appointment of Receiver; Liquidation.
490.245 Termination of conservatorship; determination by commissioner; resumption of business transactions by domestic credit union; appointment of receiver; liquidation. Sec. 245. (1) If satisfied that it may be done safely and that it is in the public interest, the commissioner may terminate a conservatorship under this part and permit the domestic credit union to resume […]