Oklahoma § 6-1206 - Conservator

§ 6-1206. Conservator

A. Whenever the State Banking Commissioner shall deem it

necessary in order to conserve the assets of any bank or trust

company for the benefit of the depositors and other creditors

thereof, the Commissioner may appoint a conservator for the bank and

require such bond and security as the Commissioner deems proper.

The conservatorship shall be a proceeding before the Commissioner

Oklahoma Statutes - Title 6. Banks and Trust Companies

and not the district court. The Commissioner may designate an

employee of the Oklahoma State Banking Department to serve as an

interim conservator until either the conservator is secured or

further order of the Commissioner directs otherwise. The

conservator, under the direction of the Commissioner, shall take

possession of the books, records, and assets of every description of

the bank or trust company, and take such action as may be necessary

to conserve the assets of the bank or trust company pending further

disposition of its business as provided by law. The conservator

shall have all the rights, powers, and privileges now possessed by

or hereafter given the Commissioner when the Commissioner takes

possession of insolvent banks and receivers pursuant to Section 1551

et seq. of Title 12 of the Oklahoma Statutes and shall be subject to

the obligations and penalties, not inconsistent with the provisions

of this Code, to which receivers are now or may hereafter become

subject. During the time that the conservator remains in possession

of the bank or trust company, the rights of all parties with respect

thereto shall, subject to the other provisions of this Code, be the

same as if a receiver had been appointed therefor. All expenses of

the conservatorship, including related expenses of the Department

and the salary of the interim conservator, if any, shall be paid out

of the assets of the bank or trust company and shall be a lien

thereon which shall be prior to any other lien. The conservator

shall receive as salary an amount no greater than that paid to

employees of this state for similar services. Any such expenses

paid by the bank or trust company to the Department shall be

deposited in the Oklahoma State Banking Department revolving fund

pursuant to Section 211.1 of this title.

B. The Commissioner shall cause to be made such examinations of

the affairs of the bank or trust company in conservatorship as shall

be necessary to inform the Commissioner as to the financial

condition of the bank or trust company, and the examiner shall make

a report thereon to the Commissioner at the earliest date possible.

C. If the Commissioner becomes satisfied that it may safely be

done and that it would be in the public interest, the Commissioner

may, in the discretion of the Commissioner, terminate the

conservatorship and permit the bank or trust company to resume the

transaction of its business subject to such terms, conditions,

restrictions and limitations as the Commissioner may prescribe.

D. For the purposes of this section, the rights, powers,

privileges, obligations and responsibilities of the interim

conservator shall be the same as those of the conservator.

Added by Laws 1986, c. 316, § 11, emerg. eff. June 24, 1986.

Amended by Laws 1993, c. 183, § 22, eff. July 1, 1993; Laws 1997, c.

111, § 96, eff. July 1, 1997; Laws 2000, c. 205, § 25, emerg. eff.

May 17, 2000.

Oklahoma Statutes - Title 6. Banks and Trust Companies