§ 19-11-1 - Appointment of conservator on application by stockholders or directors.
SECTION 19-11-1
§ 19-11-1 Appointment of conservator onapplication by stockholders or directors. – Whenever any financial institution or credit union shall petition the directorfor the appointment of a conservator of its property, assets, and affairs forthe benefit of its depositors and other creditors, and in order to provide anopportunity for a reorganization of its affairs, the director is authorized andempowered to appoint himself or herself or a deputy a conservator of thatfinancial institution or credit union, the petition in each case to be made inpursuance of a vote adopted by a majority of the board of directors or underthe same conditions which could allow the director to petition the court forthe appointment of a receiver.