17-5633. Same; commissioner may reorganize association; powers of receiver.
17-5633
17-5633. Same; commissioner may reorganize association; powers of
receiver.
At any time prior to the completion of the liquidation of an
association, the commissioner may, by written order, redeliver the
property and assets of an association, or by such written order may
reorganize such association and upon the completion of such
reorganization redeliver its property and assets to the association. In
the event the commissioner determines to reorganize an association prior
to liquidation of such association, the receiver appointed by the commissioner
shall have all the powers specified in this act which inure to the board
of directors in adopting a plan of reorganization and presenting the plan
to the members of the association at an annual meeting, or a special meeting
called for the purpose of acting upon such plan.
History: L. 1943, ch. 133, § 186; L. 1978, ch. 84, § 2; March 16.