Oklahoma § 6-2018.2 - Appointment of conservator and agents - Judicial relief

§ 6-2018.2. Appointment of conservator and agents - Judicial relief

- Term of conservatorship - Expenses - Commissioner's authority.

(A) The Bank Commissioner may, with the approval of the State

Credit Union Board and without advance notice, self-appoint or

appoint an insuring organization or any other person as conservator

to immediately take possession and control of the business and

assets of any credit union organized under the laws of this state in

any case in which the Bank Commissioner determines that such action

is necessary to conserve the assets of the credit union or to

protect the interests of the members of such credit union. Any

credit union may, by a resolution of its board of directors, consent

to such an action by the Bank Commissioner.

(B) Not later than fifteen (15) days after the date on which

the Bank Commissioner or a designee takes possession and control of

the business and assets of a credit union pursuant to subsection (A)

of this section, such credit union may apply to the appropriate

court for the judicial district in which the principal office of the

credit union is located for an order requiring the Bank Commissioner

to show cause why the Bank Commissioner or the designee should not

be enjoined from continuing such possession and control.

(C) Except as provided in subsection (B) of this section, the

Bank Commissioner or a designee may maintain possession and control

of the business and assets of such credit union and may operate such

credit union until such time:

(1) As the Bank Commissioner shall permit such credit union to

continue business subject to such terms and conditions as the Bank

Commissioner imposes; or

Oklahoma Statutes - Title 6. Banks and Trust Companies

(2) As such credit union is liquidated in accordance with

Section 13 of this act.

(D) The Bank Commissioner may appoint such agents as considered

necessary in order to assist in carrying out the duties of the

conservator under this section.

(E) All expenses incurred by the Bank Commissioner in

exercising the authority of that office under this section with

respect to any credit union shall be paid out of the assets of such

credit union, except that the Bank Commissioner may waive the

charging of all or a part of such expenses.

(F) The authority granted by this section is in addition to all

other authority granted to the Bank Commissioner under the laws of

this state.

Added by Laws 1992, c. 90, § 14, eff. July 1, 1992.