§ 28-6.1-18-4 — Liquidation orders; employment of necessary personnel

Indiana § 28-6.1-18-4

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 18: Liquidation and Dissolution of a Savings Bank

Text

(a) If the department receives a statement
under section 3 of this chapter, the department shall examine the
business and affairs of the savings bank and may make additional
investigation of the future prospects of the savings bank the department
considers necessary.
(b) If the department finds from the examination that:
(1) the savings bank is solvent, or that the savings bank has
sufficient assets with which to pay all of its depositors and all of
its other liabilities; and
(2) it will be in the best interests of the depositors and other
creditors of the savings bank that the savings bank's affairs be
liquidated and that the savings bank be dissolved;
the department may enter a written order directing the liquidation and
dissolution of the savings bank.
(c) As soon as practical after an order is issued under subsection (b),
the department shall, by a separate order, appoint a special
representative of the department to act during the course of the
liquidation.
(d) During the course of the liquidation, the department may
employ, fix the compensation of, remove, and discharge special
representatives, assistants, accountants, agents, and attorneys as the
department considers necessary.

Legislative History

As added by P.L.42-1993, SEC.72.