§ 28-7-2.5-3 — Appointment of conservator; bond or security; eligible conservators

Indiana § 28-7-2.5-3

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 2.5: Conservatorship of Credit Unions

Text

(a) The department may appoint a conservator
for a credit union if the department determines that:
(1) one (1) or more grounds for the appointment of a receiver
under IC 28-1-3.1-2(a) exist with respect to the credit union; or
(2) the appointment of a conservator is necessary to conserve the
assets of the credit union for the benefit of the members,
depositors, and other creditors of the credit union.
(b) A conservator appointed under this section shall give any bond
or security that the department considers appropriate.
(c) The department may appoint any of the following as a
conservator under this section:
(1) A private insurance company authorized to insure deposits or
share accounts in Indiana.
(2) The National Credit Union Administration or its successor.
(3) Any competent and disinterested person.

Legislative History

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.