16200. (a) The commissioner may bring an action in the name of the
people of this state in the superior court to enjoin any violation
of, to enforce compliance with, or to collect any penalty or other
liability imposed under this division or any regulation or order
issued under this chapter. Upon a proper showing, a permanent or
preliminary injunction, restraining order, or writ of mandate shall
be granted, and a monitor, receiver, conservator, or other designated
fiduciary or officer of the court may be granted as appropriate.
(b) A receiver, monitor, conservator, or other designated
fiduciary officer of the court appointed by the court pursuant to
this section may, with the approval of the court, exercise all of the
powers of the defendant's officers, directors, partners, trustees,
or persons who exercise similar powers and perform similar duties,
including the filing of a petition for bankruptcy. No action at law
or in equity may be maintained by any party against the commissioner,
or a receiver, monitor, conservator, or other designated fiduciary
or officer of the court by reason of their exercising these powers or
performing these duties pursuant to the order of, or with the
approval of, the court.
(c) If the commissioner finds that it is in the public interest,
the commissioner may include in a claim for restitution,
disgorgement, or damages on behalf of the person injured by the act
or practice constituting the subject matter of the action, and the
court shall have jurisdiction to award ancillary relief.
(d) The provisions of this section that authorize the commissioner
to bring actions and seek relief are not intended to, and do not,
affect any right that any other person may have to bring the same or
similar actions or to seek the same or similar relief.
16200.5. (a) If the commissioner finds that any person has
violated, or that there is reasonable cause to believe that any
person is about to violate, Section 16020, the commissioner may order
the person to cease and desist from the violation unless and until
the person is issued a license.
(b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the person to whom the order is directed may file
with the commissioner an application for a hearing on the order. If
the commissioner fails to commence a hearing within 15 business days
after the application is filed with him or her (or within such longer
period to which the person consents), the order shall be deemed
rescinded. At the hearing the commissioner shall affirm, modify, or
rescind the order.
(2) The right of any person, to whom an order is issued under
subdivision (a), to petition for judicial review of the order shall
not be affected by the failure of the person to apply to the
commissioner for a hearing on the order pursuant to paragraph (1).
16201. If, after notice and hearing, the commissioner finds that
any person has violated any provision of this chapter or of any
regulation or order issued under this chapter, the commissioner may
order the person to pay to the commissioner a civil penalty imposed
pursuant to Section 216.3.
16202. If, after notice and hearing, the commissioner finds any of
the following with respect to a foreign (other state) credit union
that is licensed to maintain an office in this state, the
commissioner may issue an order suspending or revoking the license of
the foreign (other state) credit union:
(a) That the foreign (other state) credit union has violated a
provision of this division or of any regulation or order issued under
this division or a provision of any other applicable law,
regulation, or order.
(b) That the foreign (other state) credit union is transacting the
business in this state or elsewhere in an unsafe or unsound manner.
(c) That the foreign (other state) credit union is in unsafe or
unsound condition.
(d) That the foreign (other state) credit union has ceased to
operate its office.
(e) That the foreign (other state) credit union is insolvent in
that it has ceased to pay its debts in the ordinary course of
business, it cannot pay its debts as they become due, or its
liabilities, including share accounts and certificates for funds,
exceed its assets.
(f) That the foreign (other state) credit union has suspended
payment of its obligations, has made an assignment for the benefit of
its creditors, or has admitted in writing its inability to pay its
debts as they become due.
(g) That the foreign (other state) credit union is the subject of
an order for relief in bankruptcy or has sought other relief under
any bankruptcy, reorganization, insolvency, or moratorium law, or
that any person has applied for such relief under any such law
against the foreign (other state) credit union, and the foreign
(other state) credit union has by any affirmative act approved of or
consented to the action or the relief has been granted.
(h) That a receiver, liquidator, or conservator has been appointed
for the foreign (other state) credit union or that any proceeding
for an appointment or any similar proceeding has been initiated in
the home state of the foreign (other state) credit union.
(i) That the existence of the foreign (other state) credit union
or the authority of the foreign (other state) credit union to
transact banking business under the laws of the home state of the
foreign (other state) credit union has been suspended or terminated.
(j) That any fact or condition exists that, if it had existed at
the time when the foreign (other state) credit union applied for
approval to transact business in this state, would have been grounds
for denying the application.
16203. (a) If the commissioner finds that any of the factors set
forth in Section 16202 is true with respect to any foreign (other
state) credit union that is licensed to maintain an office in this
state and that it is necessary for the protection of the interests of
creditors of the foreign (other state) credit union's business in
this state or, in any case, for the protection of the public interest
that the commissioner immediately suspend or revoke the license of
the foreign (other state) credit union, the commissioner may issue an
order suspending or revoking the license of the foreign (other
state) credit union.
(b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the foreign (other state) credit union to which the
order is issued may file with the commissioner an application for a
hearing on the order. If the commissioner fails to commence the
hearing within 15 business days after the application is filed with
the commissioner (or within any longer period to which the foreign
(other state) credit union consents), the order shall be deemed
rescinded. Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order; otherwise, the order shall be
deemed rescinded.
(2) The right of any foreign (other state) credit union to which
an order is issued under subdivision (a) to petition for judicial
review of the order shall not be affected by the failure of the
foreign (other state) credit union to apply to the commissioner for a
hearing on the order pursuant to paragraph (1).
16204. Any foreign (other state) credit union whose license to
maintain an office is suspended or revoked shall immediately
surrender the license to the commissioner.
16205. (a) Any foreign (other state) credit union to which an order
is issued under Section 16202 or 16203 may apply to the commissioner
to modify or rescind the order. The commissioner shall not grant the
application unless the commissioner finds that it is in the public
interest to do so and that it is reasonable to believe that the
foreign (other state) credit union will, if and when it is again
authorized to maintain an office, comply with all applicable
provisions of this division and of any regulation or order issued
under this division.
(b) The right of any foreign (other state) credit union to which
an order is issued under Section 16202 or 16203 to petition for
judicial review of the order shall not be affected by the failure of
the foreign (other state) credit union to apply to the commissioner
pursuant to subdivision (a) to modify or rescind the order.
16206. (a) If the commissioner finds that any of the factors set
forth in Section 16202 is true with respect to any foreign (other
state) credit union which is authorized to transact business in this
state and that it is necessary for the protection of the interests of
the creditors of the business of the foreign (other state) credit
union in this state or for the protection of the public interest that
he or she take immediate possession of the property and business of
the foreign (other state) credit union, the commissioner may by order
forthwith take possession of the property and business of the
foreign (other state) credit union and retain possession until the
foreign (other state) credit union resumes business in this state or
is finally liquidated. The foreign (other state) credit union may,
with the consent of the commissioner, resume business in this state
under the conditions as the commissioner may prescribe.
(b) (1) Whenever the commissioner takes possession of the property
and business of a foreign (other state) credit union pursuant to
subdivision (a), the foreign (other state) credit union may, within
10 days, apply to the superior court in the county in which the
primary office in this state of the foreign (other state) credit
union is located to enjoin further proceedings. The court may, after
citing the commissioner to show cause why further proceedings should
not be enjoined and after a hearing, dismiss the application or
enjoin the commissioner from further proceedings and order him or her
to surrender the property and business of the foreign (other state)
credit union to the foreign (other state) credit union or make any
further order as may be just.
(2) The judgment of the court may be appealed by the commissioner
or by the foreign (other state) credit union in the manner provided
by law for appeals from the judgment of a superior court to the court
of appeal. In case the commissioner appeals the judgment of the
court, the appeal shall operate as a stay of the judgment, and the
commissioner shall not be required to post any bond.
(c) Whenever the commissioner takes possession of the property and
business of a foreign (other state) credit union pursuant to
subdivision (a), the commissioner shall conserve or liquidate the
property and business of the foreign (other state) credit union in
accordance with Sections 14301 to 14304, inclusive.
(d) When the commissioner has completed the liquidation of the
property and business of a foreign (other state) credit union in this
state, the commissioner shall transfer any remaining assets to the
foreign (other state) credit union in accordance with any order the
court may issue. However, in case the foreign (other state) credit
union has an office in another state of the United States which is in
liquidation and the assets of that office appear to be insufficient
to pay in full the creditors of that office, the court shall order
the commissioner to transfer to the liquidator of that office the
amount of any remaining assets as appears to be necessary to cover
the insufficiency. If there are two or more offices and the amount of
remaining assets is less than the aggregate amount of
insufficiencies with respect to those offices, the court shall order
the commissioner to distribute the remaining assets among the
liquidators of the offices in the manner as the court determines.
16200. (a) The commissioner may bring an action in the name of the
people of this state in the superior court to enjoin any violation
of, to enforce compliance with, or to collect any penalty or other
liability imposed under this division or any regulation or order
issued under this chapter. Upon a proper showing, a permanent or
preliminary injunction, restraining order, or writ of mandate shall
be granted, and a monitor, receiver, conservator, or other designated
fiduciary or officer of the court may be granted as appropriate.
(b) A receiver, monitor, conservator, or other designated
fiduciary officer of the court appointed by the court pursuant to
this section may, with the approval of the court, exercise all of the
powers of the defendant's officers, directors, partners, trustees,
or persons who exercise similar powers and perform similar duties,
including the filing of a petition for bankruptcy. No action at law
or in equity may be maintained by any party against the commissioner,
or a receiver, monitor, conservator, or other designated fiduciary
or officer of the court by reason of their exercising these powers or
performing these duties pursuant to the order of, or with the
approval of, the court.
(c) If the commissioner finds that it is in the public interest,
the commissioner may include in a claim for restitution,
disgorgement, or damages on behalf of the person injured by the act
or practice constituting the subject matter of the action, and the
court shall have jurisdiction to award ancillary relief.
(d) The provisions of this section that authorize the commissioner
to bring actions and seek relief are not intended to, and do not,
affect any right that any other person may have to bring the same or
similar actions or to seek the same or similar relief.
16200.5. (a) If the commissioner finds that any person has
violated, or that there is reasonable cause to believe that any
person is about to violate, Section 16020, the commissioner may order
the person to cease and desist from the violation unless and until
the person is issued a license.
(b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the person to whom the order is directed may file
with the commissioner an application for a hearing on the order. If
the commissioner fails to commence a hearing within 15 business days
after the application is filed with him or her (or within such longer
period to which the person consents), the order shall be deemed
rescinded. At the hearing the commissioner shall affirm, modify, or
rescind the order.
(2) The right of any person, to whom an order is issued under
subdivision (a), to petition for judicial review of the order shall
not be affected by the failure of the person to apply to the
commissioner for a hearing on the order pursuant to paragraph (1).
16201. If, after notice and hearing, the commissioner finds that
any person has violated any provision of this chapter or of any
regulation or order issued under this chapter, the commissioner may
order the person to pay to the commissioner a civil penalty imposed
pursuant to Section 216.3.
16202. If, after notice and hearing, the commissioner finds any of
the following with respect to a foreign (other state) credit union
that is licensed to maintain an office in this state, the
commissioner may issue an order suspending or revoking the license of
the foreign (other state) credit union:
(a) That the foreign (other state) credit union has violated a
provision of this division or of any regulation or order issued under
this division or a provision of any other applicable law,
regulation, or order.
(b) That the foreign (other state) credit union is transacting the
business in this state or elsewhere in an unsafe or unsound manner.
(c) That the foreign (other state) credit union is in unsafe or
unsound condition.
(d) That the foreign (other state) credit union has ceased to
operate its office.
(e) That the foreign (other state) credit union is insolvent in
that it has ceased to pay its debts in the ordinary course of
business, it cannot pay its debts as they become due, or its
liabilities, including share accounts and certificates for funds,
exceed its assets.
(f) That the foreign (other state) credit union has suspended
payment of its obligations, has made an assignment for the benefit of
its creditors, or has admitted in writing its inability to pay its
debts as they become due.
(g) That the foreign (other state) credit union is the subject of
an order for relief in bankruptcy or has sought other relief under
any bankruptcy, reorganization, insolvency, or moratorium law, or
that any person has applied for such relief under any such law
against the foreign (other state) credit union, and the foreign
(other state) credit union has by any affirmative act approved of or
consented to the action or the relief has been granted.
(h) That a receiver, liquidator, or conservator has been appointed
for the foreign (other state) credit union or that any proceeding
for an appointment or any similar proceeding has been initiated in
the home state of the foreign (other state) credit union.
(i) That the existence of the foreign (other state) credit union
or the authority of the foreign (other state) credit union to
transact banking business under the laws of the home state of the
foreign (other state) credit union has been suspended or terminated.
(j) That any fact or condition exists that, if it had existed at
the time when the foreign (other state) credit union applied for
approval to transact business in this state, would have been grounds
for denying the application.
16203. (a) If the commissioner finds that any of the factors set
forth in Section 16202 is true with respect to any foreign (other
state) credit union that is licensed to maintain an office in this
state and that it is necessary for the protection of the interests of
creditors of the foreign (other state) credit union's business in
this state or, in any case, for the protection of the public interest
that the commissioner immediately suspend or revoke the license of
the foreign (other state) credit union, the commissioner may issue an
order suspending or revoking the license of the foreign (other
state) credit union.
(b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the foreign (other state) credit union to which the
order is issued may file with the commissioner an application for a
hearing on the order. If the commissioner fails to commence the
hearing within 15 business days after the application is filed with
the commissioner (or within any longer period to which the foreign
(other state) credit union consents), the order shall be deemed
rescinded. Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order; otherwise, the order shall be
deemed rescinded.
(2) The right of any foreign (other state) credit union to which
an order is issued under subdivision (a) to petition for judicial
review of the order shall not be affected by the failure of the
foreign (other state) credit union to apply to the commissioner for a
hearing on the order pursuant to paragraph (1).
16204. Any foreign (other state) credit union whose license to
maintain an office is suspended or revoked shall immediately
surrender the license to the commissioner.
16205. (a) Any foreign (other state) credit union to which an order
is issued under Section 16202 or 16203 may apply to the commissioner
to modify or rescind the order. The commissioner shall not grant the
application unless the commissioner finds that it is in the public
interest to do so and that it is reasonable to believe that the
foreign (other state) credit union will, if and when it is again
authorized to maintain an office, comply with all applicable
provisions of this division and of any regulation or order issued
under this division.
(b) The right of any foreign (other state) credit union to which
an order is issued under Section 16202 or 16203 to petition for
judicial review of the order shall not be affected by the failure of
the foreign (other state) credit union to apply to the commissioner
pursuant to subdivision (a) to modify or rescind the order.
16206. (a) If the commissioner finds that any of the factors set
forth in Section 16202 is true with respect to any foreign (other
state) credit union which is authorized to transact business in this
state and that it is necessary for the protection of the interests of
the creditors of the business of the foreign (other state) credit
union in this state or for the protection of the public interest that
he or she take immediate possession of the property and business of
the foreign (other state) credit union, the commissioner may by order
forthwith take possession of the property and business of the
foreign (other state) credit union and retain possession until the
foreign (other state) credit union resumes business in this state or
is finally liquidated. The foreign (other state) credit union may,
with the consent of the commissioner, resume business in this state
under the conditions as the commissioner may prescribe.
(b) (1) Whenever the commissioner takes possession of the property
and business of a foreign (other state) credit union pursuant to
subdivision (a), the foreign (other state) credit union may, within
10 days, apply to the superior court in the county in which the
primary office in this state of the foreign (other state) credit
union is located to enjoin further proceedings. The court may, after
citing the commissioner to show cause why further proceedings should
not be enjoined and after a hearing, dismiss the application or
enjoin the commissioner from further proceedings and order him or her
to surrender the property and business of the foreign (other state)
credit union to the foreign (other state) credit union or make any
further order as may be just.
(2) The judgment of the court may be appealed by the commissioner
or by the foreign (other state) credit union in the manner provided
by law for appeals from the judgment of a superior court to the court
of appeal. In case the commissioner appeals the judgment of the
court, the appeal shall operate as a stay of the judgment, and the
commissioner shall not be required to post any bond.
(c) Whenever the commissioner takes possession of the property and
business of a foreign (other state) credit union pursuant to
subdivision (a), the commissioner shall conserve or liquidate the
property and business of the foreign (other state) credit union in
accordance with Sections 14301 to 14304, inclusive.
(d) When the commissioner has completed the liquidation of the
property and business of a foreign (other state) credit union in this
state, the commissioner shall transfer any remaining assets to the
foreign (other state) credit union in accordance with any order the
court may issue. However, in case the foreign (other state) credit
union has an office in another state of the United States which is in
liquidation and the assets of that office appear to be insufficient
to pay in full the creditors of that office, the court shall order
the commissioner to transfer to the liquidator of that office the
amount of any remaining assets as appears to be necessary to cover
the insufficiency. If there are two or more offices and the amount of
remaining assets is less than the aggregate amount of
insufficiencies with respect to those offices, the court shall order
the commissioner to distribute the remaining assets among the
liquidators of the offices in the manner as the court determines.
16200. (a) The commissioner may bring an action in the name of the
people of this state in the superior court to enjoin any violation
of, to enforce compliance with, or to collect any penalty or other
liability imposed under this division or any regulation or order
issued under this chapter. Upon a proper showing, a permanent or
preliminary injunction, restraining order, or writ of mandate shall
be granted, and a monitor, receiver, conservator, or other designated
fiduciary or officer of the court may be granted as appropriate.
(b) A receiver, monitor, conservator, or other designated
fiduciary officer of the court appointed by the court pursuant to
this section may, with the approval of the court, exercise all of the
powers of the defendant's officers, directors, partners, trustees,
or persons who exercise similar powers and perform similar duties,
including the filing of a petition for bankruptcy. No action at law
or in equity may be maintained by any party against the commissioner,
or a receiver, monitor, conservator, or other designated fiduciary
or officer of the court by reason of their exercising these powers or
performing these duties pursuant to the order of, or with the
approval of, the court.
(c) If the commissioner finds that it is in the public interest,
the commissioner may include in a claim for restitution,
disgorgement, or damages on behalf of the person injured by the act
or practice constituting the subject matter of the action, and the
court shall have jurisdiction to award ancillary relief.
(d) The provisions of this section that authorize the commissioner
to bring actions and seek relief are not intended to, and do not,
affect any right that any other person may have to bring the same or
similar actions or to seek the same or similar relief.
16200.5. (a) If the commissioner finds that any person has
violated, or that there is reasonable cause to believe that any
person is about to violate, Section 16020, the commissioner may order
the person to cease and desist from the violation unless and until
the person is issued a license.
(b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the person to whom the order is directed may file
with the commissioner an application for a hearing on the order. If
the commissioner fails to commence a hearing within 15 business days
after the application is filed with him or her (or within such longer
period to which the person consents), the order shall be deemed
rescinded. At the hearing the commissioner shall affirm, modify, or
rescind the order.
(2) The right of any person, to whom an order is issued under
subdivision (a), to petition for judicial review of the order shall
not be affected by the failure of the person to apply to the
commissioner for a hearing on the order pursuant to paragraph (1).
16201. If, after notice and hearing, the commissioner finds that
any person has violated any provision of this chapter or of any
regulation or order issued under this chapter, the commissioner may
order the person to pay to the commissioner a civil penalty imposed
pursuant to Section 216.3.
16202. If, after notice and hearing, the commissioner finds any of
the following with respect to a foreign (other state) credit union
that is licensed to maintain an office in this state, the
commissioner may issue an order suspending or revoking the license of
the foreign (other state) credit union:
(a) That the foreign (other state) credit union has violated a
provision of this division or of any regulation or order issued under
this division or a provision of any other applicable law,
regulation, or order.
(b) That the foreign (other state) credit union is transacting the
business in this state or elsewhere in an unsafe or unsound manner.
(c) That the foreign (other state) credit union is in unsafe or
unsound condition.
(d) That the foreign (other state) credit union has ceased to
operate its office.
(e) That the foreign (other state) credit union is insolvent in
that it has ceased to pay its debts in the ordinary course of
business, it cannot pay its debts as they become due, or its
liabilities, including share accounts and certificates for funds,
exceed its assets.
(f) That the foreign (other state) credit union has suspended
payment of its obligations, has made an assignment for the benefit of
its creditors, or has admitted in writing its inability to pay its
debts as they become due.
(g) That the foreign (other state) credit union is the subject of
an order for relief in bankruptcy or has sought other relief under
any bankruptcy, reorganization, insolvency, or moratorium law, or
that any person has applied for such relief under any such law
against the foreign (other state) credit union, and the foreign
(other state) credit union has by any affirmative act approved of or
consented to the action or the relief has been granted.
(h) That a receiver, liquidator, or conservator has been appointed
for the foreign (other state) credit union or that any proceeding
for an appointment or any similar proceeding has been initiated in
the home state of the foreign (other state) credit union.
(i) That the existence of the foreign (other state) credit union
or the authority of the foreign (other state) credit union to
transact banking business under the laws of the home state of the
foreign (other state) credit union has been suspended or terminated.
(j) That any fact or condition exists that, if it had existed at
the time when the foreign (other state) credit union applied for
approval to transact business in this state, would have been grounds
for denying the application.
16203. (a) If the commissioner finds that any of the factors set
forth in Section 16202 is true with respect to any foreign (other
state) credit union that is licensed to maintain an office in this
state and that it is necessary for the protection of the interests of
creditors of the foreign (other state) credit union's business in
this state or, in any case, for the protection of the public interest
that the commissioner immediately suspend or revoke the license of
the foreign (other state) credit union, the commissioner may issue an
order suspending or revoking the license of the foreign (other
state) credit union.
(b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the foreign (other state) credit union to which the
order is issued may file with the commissioner an application for a
hearing on the order. If the commissioner fails to commence the
hearing within 15 business days after the application is filed with
the commissioner (or within any longer period to which the foreign
(other state) credit union consents), the order shall be deemed
rescinded. Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order; otherwise, the order shall be
deemed rescinded.
(2) The right of any foreign (other state) credit union to which
an order is issued under subdivision (a) to petition for judicial
review of the order shall not be affected by the failure of the
foreign (other state) credit union to apply to the commissioner for a
hearing on the order pursuant to paragraph (1).
16204. Any foreign (other state) credit union whose license to
maintain an office is suspended or revoked shall immediately
surrender the license to the commissioner.
16205. (a) Any foreign (other state) credit union to which an order
is issued under Section 16202 or 16203 may apply to the commissioner
to modify or rescind the order. The commissioner shall not grant the
application unless the commissioner finds that it is in the public
interest to do so and that it is reasonable to believe that the
foreign (other state) credit union will, if and when it is again
authorized to maintain an office, comply with all applicable
provisions of this division and of any regulation or order issued
under this division.
(b) The right of any foreign (other state) credit union to which
an order is issued under Section 16202 or 16203 to petition for
judicial review of the order shall not be affected by the failure of
the foreign (other state) credit union to apply to the commissioner
pursuant to subdivision (a) to modify or rescind the order.
16206. (a) If the commissioner finds that any of the factors set
forth in Section 16202 is true with respect to any foreign (other
state) credit union which is authorized to transact business in this
state and that it is necessary for the protection of the interests of
the creditors of the business of the foreign (other state) credit
union in this state or for the protection of the public interest that
he or she take immediate possession of the property and business of
the foreign (other state) credit union, the commissioner may by order
forthwith take possession of the property and business of the
foreign (other state) credit union and retain possession until the
foreign (other state) credit union resumes business in this state or
is finally liquidated. The foreign (other state) credit union may,
with the consent of the commissioner, resume business in this state
under the conditions as the commissioner may prescribe.
(b) (1) Whenever the commissioner takes possession of the property
and business of a foreign (other state) credit union pursuant to
subdivision (a), the foreign (other state) credit union may, within
10 days, apply to the superior court in the county in which the
primary office in this state of the foreign (other state) credit
union is located to enjoin further proceedings. The court may, after
citing the commissioner to show cause why further proceedings should
not be enjoined and after a hearing, dismiss the application or
enjoin the commissioner from further proceedings and order him or her
to surrender the property and business of the foreign (other state)
credit union to the foreign (other state) credit union or make any
further order as may be just.
(2) The judgment of the court may be appealed by the commissioner
or by the foreign (other state) credit union in the manner provided
by law for appeals from the judgment of a superior court to the court
of appeal. In case the commissioner appeals the judgment of the
court, the appeal shall operate as a stay of the judgment, and the
commissioner shall not be required to post any bond.
(c) Whenever the commissioner takes possession of the property and
business of a foreign (other state) credit union pursuant to
subdivision (a), the commissioner shall conserve or liquidate the
property and business of the foreign (other state) credit union in
accordance with Sections 14301 to 14304, inclusive.
(d) When the commissioner has completed the liquidation of the
property and business of a foreign (other state) credit union in this
state, the commissioner shall transfer any remaining assets to the
foreign (other state) credit union in accordance with any order the
court may issue. However, in case the foreign (other state) credit
union has an office in another state of the United States which is in
liquidation and the assets of that office appear to be insufficient
to pay in full the creditors of that office, the court shall order
the commissioner to transfer to the liquidator of that office the
amount of any remaining assets as appears to be necessary to cover
the insufficiency. If there are two or more offices and the amount of
remaining assets is less than the aggregate amount of
insufficiencies with respect to those offices, the court shall order
the commissioner to distribute the remaining assets among the
liquidators of the offices in the manner as the court determines.
