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Indiana Code Title 28. Financial Institutions § 28-7-2.5-3

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 3. (a) The department may appoint a conservator for a credit union if the department determines that:

(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the credit union;  or

(2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union.

(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.

(c) The department may appoint any of the following as a conservator under this section:

(1) A private insurance company authorized to insure deposits or share accounts in Indiana.

(2) The National Credit Union Administration or its successor.

(3) Any competent and disinterested person.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-7-2.5-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-7-2-5-3/

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