LegalFix
Sign In

28-14-7.5-8. Termination of conservatorship; appointment of receiver; liquidation

IN Code § 28-14-7.5-8 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 8. (a) The department may:

(1) terminate a conservatorship ordered under this chapter; and

(2) permit the corporate fiduciary subject to the conservatorship to resume the transaction of the corporate fiduciary's business, subject to any terms, conditions, restrictions, and limitations that the department may prescribe;

if the department is satisfied that a termination of the conservatorship may be done safely and is in the public interest.

(b) Subject to subsection (c), the department may:

(1) terminate a conservatorship ordered under this chapter; and

(2) apply for the appointment of a receiver for the corporate fiduciary under IC 28-1-3.1;

if the department determines that the appointment of a receiver for the corporate fiduciary is in the public interest.

(c) If the department determines that the liquidation of a corporate fiduciary placed in conservatorship under this chapter is in the public interest, the department shall:

(1) terminate the conservatorship ordered under this chapter; and

(2) apply for the appointment of a receiver for the corporate fiduciary under IC 28-1-3.1.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.

Previous Section
28-14-7.5-7. Loans in aid of operation or reorganization; security
Next Section
28-14-7.5-9. Adoption of rules