§ 28-7-2.5-4 — Reimbursement of department; administrative expenses

Indiana § 28-7-2.5-4

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

Text

(a) A conservator appointed by the department
under this chapter shall reimburse the department for all amounts
expended by the department in connection with the conservatorship.
Amounts reimbursed to the department under this subsection shall be
paid from the assets of the credit union as administrative expenses.
Upon approval of the department, the conservator shall pay all other
administrative expenses of the conservatorship from the assets of the
credit union.
(b) Administrative expenses described in this section constitute a
first charge against the assets of the credit union. The conservator shall
pay the administrative expenses in full before any:
(1) final distribution of the credit union's assets; or
(2) payment of dividends to members, depositors, and other
creditors of the credit union.

Legislative History

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