2013 Rhode Island General Laws
Title 19 - Financial institutions
Chapter 19-11 - Conservatorship
Section 19-11-1 - Appointment of conservator on application by stockholders or directors.
§ 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 which could allow the director to petition the court for the appointment of a receiver.
History of Section.
(P.L. 1995, ch. 82, § 49.)
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