Section 2 – Supervisory acquisition or merger authorized or required by commissioner.

7-19-2. Supervisory acquisition or merger authorized or required by commissioner. Notwithstanding any provision of law to the contrary, the commissioner, or any receiver or liquidator appointed by the commissioner, may solicit offers from and authorize, require, or give effect to, a supervisory acquisition of, or a supervisory merger with respect to a failing or failed […]

Section 3 – Waiver of procedures.

7-19-3. Waiver of procedures. The commissioner may waive any of the procedures of Section 7-1-705 or any regulation of the department if he considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institution or failing or failed depository institution holding company in a supervisory merger […]

Section 4 – Rights and powers of acquired or resulting institution or holding company.

7-19-4. Rights and powers of acquired or resulting institution or holding company. Any depository institution or depository institution holding company acquired, or the resulting institution in a merger under the provisions of this chapter, has all the rights, powers, and privileges of any other depository institution of the same class under the laws of this […]

Section 5 – Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.

7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner. The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless he determines that: (1) the acquiring or resulting depository institution or depository institution holding company has demonstrated an acceptable record of meeting the credit needs of the communities […]

Section 5.5 – Transferred assets free of encumbrances.

7-19-5.5. Transferred assets free of encumbrances. (1) Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property: (a) free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner […]

Section 9 – Commissioner’s powers not limited — Immunity — Rules — Reports.

7-19-9. Commissioner’s powers not limited — Immunity — Rules — Reports. (1) This chapter does not limit any power otherwise granted to the commissioner or to any depository institution or depository institution holding company by the laws of this state. (2) The commissioner is not subject to any civil liability or penalty nor to any […]