§ 28-7-2.5-8 — Termination of conservatorship; appointment of receiver; liquidation

Indiana § 28-7-2.5-8

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

Text

(a) The department may:
(1) terminate a conservatorship ordered under this chapter; and
(2) permit the credit union subject to the conservatorship to
resume the transaction of the credit union's business, subject to
any terms, conditions, restrictions, and limitations that the
department may prescribe;
if the department is satisfied that a termination of the conservatorship
may be done safely and is in the public interest.
(b) Subject to subsection (c), the department may:
(1) terminate a conservatorship ordered under this chapter; and
(2) apply for the appointment of a receiver for the credit union
under IC 28-1-3.1;
if the department determines that the appointment of a receiver for the
credit union is in the public interest.
(c) If the department determines that the liquidation of a credit
union placed in conservatorship under this chapter is in the public
interest, the department shall:
(1) terminate the conservatorship ordered under this chapter; and
(2) apply for the appointment of a receiver for the credit union
under IC 28-1-3.1.

Legislative History

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