Rhode Island General Laws Title 19. Financial Institutions § 19-12-1. Application for receivership

(a) The director, or the director's designee, is empowered immediately to take possession of any financial institution, credit union, or other licensee under this title and its assets if, upon examination, any financial institution or credit union, which has or has not invoked the conservatorship provisions or the voluntary liquidation provisions of this title, appears to be insolvent by reason of:

(b) The director may apply to the superior court for the appointment of the director, or one of the director's deputies as receiver. In the case when a financial institution's or credit union's deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or any other agency or instrumentality of the United States that insures the deposits of the financial institution or credit union, as a receiver or receivers of the financial institution, credit union, or other licensee, the receiver may request an injunction to restrain the financial institution, credit union, or other licensee under this title, in whole or in part, from further proceeding with its business, and the court shall have jurisdiction in equity of the application.