17-5614. Special deputy commissioner, appointment, when.
17-5614
17-5614. Special deputy commissioner, appointment, when.
If an association shall refuse or neglect to comply with such order
within the time specified therein, or if it shall appear to the
commissioner that any association is in an unsafe condition or is
conducting its business in an unsafe manner, or if the commissioner
shall find that an
impairment of capital exists to such an extent that it threatens loss to
the members, or if any association refuses to submit its books, papers and
accounts to the inspection of the commissioner or the commissioner's
representative, the
commissioner may appoint a special deputy savings and loan commissioner
to take charge of the association and
manage its business until the commissioner shall permit the board of
directors to resume management of the business or shall reorganize the
association, or until a receiver shall be appointed by the commissioner to
liquidate its affairs. The commissioner shall fix the compensation of such
special deputy commissioner.
History: L. 1943, ch. 133, § 167; L. 1965, ch. 150,
§ 10; L. 1983, ch. 87, § 1; April 14.