A. Once the Commissioner determines that a bank or savings association is in danger of failing and all or part of the deposit liability of such bank or savings association is to be assumed by a bank being organized for that purpose, the Board at a meeting closed to the public may approve of the organization of the acquiring bank and the Commissioner may grant a certificate of authority to the acquiring bank, and shall not be bound by the provisions, restrictions, and requirements contained in Article III of this title. The Commissioner is further empowered in such event to grant authority to organize a state savings association and issue a certificate of authority without notice or hearing and without action of the Board.

B. If the Commissioner has determined that a bank is in danger of failing and the Commissioner must take possession of the bank pursuant to Article XII of this title, the Board at a meeting closed to the public may approve of the actions of the Commissioner and order the Commissioner to tender to the Federal Deposit Insurance Corporation the appointment as liquidator of the bank.

C. If the Commissioner determines that a bank or other company under the Department’s supervision is in danger of failing or is subject to other conditions or circumstances which, if made public, could result in deterioration of the bank or other company, the Board, at a meeting closed to the public, may consider any action recommended by the Commissioner directed at resolving or improving upon the conditions or circumstances to which the bank or other company is subject.

Added by Laws 1982, c. 204, § 7. Amended by Laws 1983, c. 73, § 2, emerg. eff. April 29, 1983; Laws 1984, c. 133, § 4, eff. Oct. 1, 1984; Laws 1985, c. 168, § 4, emerg. eff. June 18, 1985; Laws 1993, c. 183, § 6, eff. July 1, 1993; Laws 1997, c. 111, § 24, eff. July 1, 1997; Laws 1999, c. 27, § 5, eff. July 1, 1999; Laws 2002, c. 67, § 6, eff. Nov. 1, 2002; Laws 2008, c. 275, § 4, eff. July 1, 2008; Laws 2010, c. 62, § 4, emerg. eff. April 9, 2010.