§ 34-5-50 — Powers of conservator; rights of other persons.

The conservator, who shall serve at the pleasure of and under the direction of the Board, shall take possession of the books, records and assets of every description of such bank and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law. He shall have all rights, powers and privileges now possessed by or hereafter given receivers of insolvent banks and shall be subject to the obligations and penalties, not inconsistent with the provisions of Sections 34-1-60, 34-1-70, 34-3-310, 34-3-320, 34-5-50 to 34-5-80 and 34-5-100 to 34-5-150, to which receivers are now or may hereafter become subject. During the time that the conservator remains in possession of such bank the rights of all persons with respect thereto shall, subject to the other provisions of this chapter, be the same as if a receiver had been appointed therefor.

Legislative History

HISTORY: 1962 Code SECTION 8-285; 1952 Code SECTION 8-285; 1942 Code SECTION 7829-7; 1936 (39) 1484. Editor's Note Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, SECTION 19, effective May 6, 2021.