2005 Idaho Code - 26-1011 — FEDERAL DEPOSIT INSURANCE CORPORATION -- RIGHT TO ACT AS RECEIVER OR LIQUIDATOR

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 10
                       CLOSING AND LIQUIDATION OF BANKS
    26-1011.  FEDERAL DEPOSIT INSURANCE CORPORATION -- RIGHT TO ACT AS
RECEIVER OR LIQUIDATOR. The Federal Deposit Insurance Corporation created by
section 8 of the federal "Banking Act of 1933" (section 12B of the Federal
Reserve Act, as amended) is hereby authorized and empowered to be and act
without bond as receiver or liquidator of any banking institution, the
deposits in which are to any extent insured by said corporation, and which
shall have been closed on account of inability to meet the demands of its
depositors, in lieu of the director of finance, but only if and when requested
so to do by said director.
    The director of the department of finance may, in his discretion, in the
event of such closing tender to said corporation the appointment as receiver
or liquidator of such banking institution, in his stead, and if the
corporation accepts said appointment, the corporation shall have and possess
all the rights, powers and privileges provided by the laws of this state with
respect to the director of the department of finance acting as receiver or
liquidator of a banking institution, and be subject to all the duties of such
receiver or liquidator, except insofar as such rights, powers, privileges or
duties are in conflict with the provisions of subsection (1) of section 12B of
the Federal Reserve Act, as amended (section 8 of the "Banking Act of 1933").
    The corporation shall not, however, without the consent of the director of
the department of finance, continue to act as receiver or liquidator of any
banking institution after the amount of the insured deposit liability of such
banking institution, paid or assumed by the corporation, and the costs of
liquidation paid or assumed by it have been repaid it, or after funds are
available therefor.