17-5618. Same; operation of association; expenses.
17-5618
17-5618. Same; operation of association; expenses.
While the association is in charge of a special deputy commissioner,
members of such
association shall continue to make payments to the association in
accordance with the terms and conditions of their contracts, and the special
deputy commissioner, in the special deputy
commissioner's discretion, may permit shareholders to repurchase their
shares from the association pursuant to the provisions of this act, or
under, and subject to, such rules and regulations as the commissioner may
prescribe. The special deputy commissioner shall have power
to accept payments upon such shares
and such payments when received by the special deputy commissioner
may be segregated if the
commissioner shall so order in writing; if so ordered, such payments shall
not be subject to offset and shall not be used to liquidate any
indebtedness of such association existing at the time the
special deputy commissioner was
appointed for it or any subsequent indebtedness incurred for the purpose of
liquidating the indebtedness of any such association existing at the time
such special deputy commissioner was appointed. All expenses
of the association including
salary and expenses of the special
deputy commissioner shall be paid by
the association.
History: L. 1943, ch. 133, § 171; L. 1965, ch. 150,
§ 14; L. 1983, ch. 87, § 5; April 14.