Rhode Island § 19-11-1 § 19-11-1. Appointment of conservator on application by stockholders or directors.

Rhode Island Statutes

§ 19-11-1 — § 19-11-1. Appointment of conservator on application by stockholders or directors.

Rhode Island·Title 19 Financial institutions·Ch. 19-11 Conservatorship

§ 19-11-1. Appointment of conservator on application by stockholders or directors.
Whenever any financial institution or credit union shall petition the director for
            the appointment of a conservator of its property, assets, and affairs for the benefit
            of its depositors and other creditors, and in order to provide an opportunity for
            a reorganization of its affairs, the director is authorized and empowered to appoint
            himself or herself or a deputy a conservator of that financial institution or credit
            union, the petition in each case to be made in pursuance of a vote adopted by a majority
            of the board of directors or under the same conditions that coul

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§ 19-11-1. Appointment of conservator on application by stockholders or directors.

Whenever any financial institution or credit union shall petition the director for the appointment of a conservator of its property, assets, and affairs for the benefit of its depositors and other creditors, and in order to provide an opportunity for a reorganization of its affairs, the director is authorized and empowered to appoint himself or herself or a deputy a conservator of that financial institution or credit union, the petition in each case to be made in pursuance of a vote adopted by a majority of the board of directors or under the same conditions that could allow the director to petition the court for the appointment of a receiver.

Rhode Island § 19-11-1 (§ 19-11-1. Appointment of conservator on application by stockholders or directors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.