§ 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 […]
§ 19-11-10. Payment of expense of conservatorship. The compensation of the conservator and of legal counsel, assistants, and other employees of the conservator and all other expenses incident to each conservatorship, including costs and expenses incurred by the director, or the director’s designee, in relation to the conservatorship, shall be fixed by the director, or […]
§ 19-11-11. Termination of conservatorship. If the director, or the director’s designee, shall at any time be satisfied that the further continuance of any conservatorship is no longer necessary or desirable, the director, or the director’s designee, may terminate the conservatorship and direct the conservator to surrender possession of all property then in the conservator’s […]
§ 19-11-12. Superseding receivership. Nothing in this chapter, and no appointment or continuance of a conservator under this chapter, shall abridge or affect, or be so construed as to abridge or affect, the right, power, and authority of the director, or the director’s designee, at any time to institute proceedings in accordance with law for […]
§ 19-11-13. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-11-2. Removal of conservator — Vacancies. If the director, at any time, deems it in the best interest of any financial institution or credit union or its creditors that the conservator appointed pursuant to § 19-11-1 shall be removed from office, the director may so order and may appoint a successor to that office. […]
§ 19-11-3. Employment of assistance by conservator. Each conservator, with the approval of the director, may engage legal counsel and procure any other expert assistance and advice that the conservator considers necessary or desirable in the administration of the affairs of the financial institution or credit union, and with the same approval, may engage the […]
§ 19-11-4. Possession and management of property — Notice to debtors and persons in possession. (a) Each conservator, immediately after appointment and qualification, shall take and have possession and management of the property and business of the financial institution or credit union and thereafter shall take any action in the name and behalf of the […]
§ 19-11-5. Creditors’ rights as in receivership. During the time that any conservator remains in charge of the property and affairs of any financial institution or credit union in accordance with the provisions of this chapter, the rights of creditors and all other parties in respect to bringing and prosecuting suits and proceedings against the […]
§ 19-11-6. Collection of assets — Continuation of business — General powers of conservator. (a) Each conservator, upon the terms and conditions and in accordance with the orders, rules and regulations, general and special, prescribed from time to time by the director, or the director’s designee, shall, so far as possible, collect all moneys and […]
§ 19-11-7. Penalties and liabilities. The conservator and the conservator’s assistants shall be subject to the same penalties and liabilities to which they would be liable if the conservator were the receiver of a financial institution or credit union appointed in judicial proceedings in this state, including penalties and liabilities now established and which may […]
§ 19-11-8. Withdrawal of deposits and claims. During the period of the continuance of any conservatorship provided for, the director, or the director’s designee, may require the conservator to set aside and make available for withdrawal, and permit withdrawal by depositors and other creditors, any amounts or proportions of their respective deposits or claims as […]
§ 19-11-9. Rules as to new deposits. Whenever the period of conservatorship provided for in this chapter has been terminated and the financial institution or credit union is permitted to resume business in accordance with this chapter, or whenever a receiver of the property of the financial institution or credit union has been appointed in […]
