§ 607. — 607. (Added by Stats. 2011, Ch. 243, Sec. 2.)

California § 607.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.: DIVISION 1. FINANCIAL INSTITUTIONS
• Ch. 7.: CHAPTER 7. Liquidation and Conservation
• Art. 1.: ARTICLE 1. General Provisions

Text

(a)
If the commissioner retains possession of the assets of the licensee for the purpose of liquidation or conservation, the commissioner shall, to the extent possible, use the services of civil service employees of the commissioner’s office, and the attorneys employed by the commissioner or the Department of Justice shall render all necessary legal services, as the commissioner may request.
(b)
The
commissioner, from time to time, under his or her official seal, may appoint one or more special deputy commissioners as his or her agent or agents with the powers specified in the certificate of appointment to assist him or her in the duties of conservation or of liquidation and distribution. The certificate of appointment shall be filed in the office of the commissioner and a certified copy in the office of the clerk of the county in which the head office of the licensee is located. The commissioner may employ counsel and procure expert assistance and advice as may be necessary in the liquidation and distribution of the assets of the licensee and for that purpose may retain any of the officers or employees of the licensee as the commissioner may deem necessary.

Legislative History

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.