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 § 19-11-1

Title 19Financial institutions

Ch. 19-11Conservatorship

This text of Rhode Island § 19-11-1 (§ 19-11-1. Appointment of conservator on application by stockholders or directors.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-11-1 (2026).

Text

§ 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.