9-1905.   Receiver for insolvent and undercapitalized bank or trustcompany.When the commissioner shall take charge of any insolvent or criticallyundercapitalized bank or trust company pursuant to article 19 of chapter 9 ofthe Kansas Statutes Annotatedand amendments thereto, the commissioner shall ascertain its actual conditionas soon as possible by making athorough investigation into its affairs and condition, and if thecommissioner shall be satisfied that such bank or trust company cannotsufficiently recapitalize, resume business or liquidate its indebtedness tothe satisfaction of itsdepositors and creditors, then the commissioner forthwith shall appoint areceiver therefor and require the receiver to give such bond as thecommissioner deems proper. The commissioner also shall fix reasonablecompensation for the receiver but the same shall be subject to the approvalof the district court of the county wherein such bank or trust company islocated upon the application of any party in interest.

      Any receiver shall be a resident of the state of Kansas and shall havehad at least five years credit experience.Upon writtenapplication made within 30 days after the finding of insolvencythecommissioner shall appoint as receiver any person whom the holders of morethan 60% in amount of the claims against such bank ortrustcompany shall agree upon in writing. The creditors so agreeingmay alsoagree upon the compensation and charges to be paid such receiver. Eachreceiver so appointed shall make a complete report to the commissionercovering the receiver's acts and proceedings as such. The commissioner mayremove for cause any receiver and appoint the receiver's successor.

      History:   L. 1947, ch. 102, § 113;L. 1993, ch. 7, § 5; March 18.