SECTIONS 17630-17634

17630.  If any facts occur which would entitle the commissionerunder Section 17621 to take possession of the property, business andassets of a licensee the commissioner may appoint a conservator of alicensee and require of him such bond as the commissioner deemsproper. The commissioner may also, upon the request of the board ofdirectors of a licensee, appoint a conservator of such licensee andrequire of him such bond as the commissioner deems proper. Theconservator, under the direction of the commissioner, shall takepossession of the property, business and assets of the licensee andtake such action as he may deem necessary to conserve the assets ofsuch licensee pending further disposition of its business. Theconservator shall retain such possession until the property, businessand assets of the licensee are returned to the licensee or untilfurther order of the commissioner.17631.  Subject to the other provisions of this article, aconservator, while in possession of the property, business and assetsof a licensee, has the same powers and rights and is subject to thesame duties and obligations as the commissioner while in possessionof the property, business and assets of a licensee; and during suchtime the rights of a licensee and of all persons with respectthereto, subject to the other provisions of this article, are thesame as if the commissioner had taken possession of such property,business and assets. A conservator, while in possession of theproperty, business and assets of a licensee, shall have all therights, powers and privileges of the licensee, its officers anddirectors. All expenses of any such conservatorship shall be paid outof the assets of the licensee and shall be a lien thereon whichshall be prior to any other lien. The conservator shall receive asalary, fixed by the commissioners, in an amount no greater than thatwhich would be paid by the commissioner to a special deputy incharge of the liquidation of the licensee.17632.  Upon appointing a conservator the commissioner shall causeto be made and completed at the earliest possible date such anexamination of the affairs of the licensee as shall be necessary toinform him as to its financial condition.17633.  A conservator, while in possession of the property, businessand assets of a licensee, may call, upon the notice required by thelicensee's bylaws, a meeting of the investors of the licensee who areentitled to vote, for any purpose, including without limitation theelection of a board of directors, and upon the holding of a meetingfor such purpose the terms of office of all directors shall expire,or may call, upon the notice required by the licensee's bylaws, ameeting of the board of directors for any purpose, including withoutlimitation the filling of vacancies on the board of directors or theremoval and election or the removal or election of officers. Eachsuch meeting shall be supervised by the conservator.17634.  If the commissioner becomes satisfied that it may be donesafely and in the public interest, he may terminate theconservatorship and permit the licensee for which a conservator wasappointed to resume its business under direction of its board ofdirectors, subject to such terms, conditions, restrictions andlimitations as he may prescribe.