44-2016

44-2016. Duration of appointment of
conservator; distributing assets; winding up affairs of
violator

A. A permanent conservator shall administer the affairs until, in the opinion of
the court, the appointment is no longer necessary to conserve, protect and preserve,
reorganize or further administer the properties and affairs in his possession to protect
the rights of all persons in interest. At such time the court shall make a finding to
that effect and cause an order to be entered accordingly, and may direct delivery of all
the properties and assets in the possession of the conservator to the persons legally
entitled thereto.

B. If it appears to the court at any time that the affairs of the violator are
incapable of reorganization or that reorganization is not advisable, the court shall make
a finding to that effect and cause an order to be entered accordingly, and may provide
that the conservator shall thereafter proceed as a receiver for the purpose of winding up
the affairs of the violator.