Rhode Island General Laws 19-11-1. Appointment of conservator on application by stockholders or directors
Current as of: 2024 | Check for updates
|
Other versions
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.
History of Section.
P.L. 1995, ch. 82, § 49.
Terms Used In Rhode Island General Laws 19-11-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.