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Whenever the state banking board becomes satisfied of the insolvency of a corporation, or association organized under the provisions of this title, after due examination of its affairs, or if the bank has been voluntarily placed in the possession of the state banking board for the purpose of liquidation pursuant to section 6-07-10, the state banking board may appoint a receiver who shall proceed to close up such corporation or association, and who, during the period the receiver is acting as such, has all of the powers and is subject to all of the restrictions prescribed in this chapter.
Cite this article: FindLaw.com - North Dakota Century Code Title 6. Banks and Banking § 6-07-11. Appointment of administrative receiver - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-6-banks-and-banking/nd-cent-code-sect-6-07-11.html
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