9-1903.   Undercapitalized and insolvent banks and trust companies;commissioner to take charge, when.If it shall appear upon the examination of any bank or trust company orfrom any report made to the commissioner that any bank or trust company iscritically undercapitalized, the commissioner may take charge of such bankor trust company and all of its property and assets. If from suchexamination or reports it shall appear any bank or trust company is insolventthe commissioner shall take charge of such bank or trust company and all of itsproperty and assets. Inso doing the commissioner may appoint a special deputy commissioner to takecharge temporarily of the affairs of such insolvent or criticallyundercapitalized bank or trust companyuntil a receiver is appointed. Such deputy shall qualify, give bond andreceive compensation as determined by thecommissioner, but such compensation shall be paid by the insolventor critically undercapitalized bank or trust company or incase of the appointment of a receiver allowed by the court as costs in thecase. After appointment, the special deputy shall continue to serve under thedirection of the commissioner for such period of time as deemed reasonable andnecessary by the commissioner before returning charge of the bank or trustcompany back tothe board of directors of the institution or appointing a receiver. In no caseshall any bank or trust company continue in the charge of a special deputy fora period exceeding nine months.

      History:   L. 1947, ch. 102, § 111;L. 1993, ch. 7, § 3; March 18.