ARTICLE 3. Conservatorship of an Uninsured Licensee

Article 3 added by Stats. 2011, Ch. 243, Sec. 2.

§§ 640–652 · 13 sections

• § 640 Whenever the commissioner deems it necessary in order to conserve the assets of any licensee that does not have federal deposit or share insurance for the…
• § 641 A conservator appointed in accordance with Section 640 has all of the powers and rights with relation to the business and the property of the licensee for…
• § 642 The commissioner may order an examination at the earliest possible date of a licensee for which the commissioner has appointed a conservator.
• § 643 While any licensee is in the hands of a conservator, the commissioner may require the conservator to set aside and make available for withdrawal by customers…
• § 644 The commissioner, in his or her discretion, may permit the conservator to receive shares or deposits, but any shares or deposits received while the licensee is…
• § 645 If the commissioner is satisfied that it may be done safely and that it would be in the public interest, he or she may terminate a conservatorship and permit…
• § 646 The conservator of a licensee that has been permitted to resume accepting member shares or deposits shall first cause a notice to be published in a newspaper…
• § 647 The commissioner may assess and collect from all licensees for whom a conservator is appointed their ratable share of the costs incurred in the administration…
• § 648 Any licensee that the commissioner has taken possession of pursuant to Section 592, and for which a conservator has been appointed pursuant to this article,…
• § 649 All customers, creditors, stockholders, if applicable, and other interested persons shall be given notice of any proposed plan of reorganization in the manner…
• § 650 No plan of reorganization shall become effective until the commissioner finds that the plan is fair and equitable to all customers, creditors, and…
• § 651 No creditor having security for the payment of his, her, or its claim shall be affected in his, her, or its right to enforce the security by the provisions of…
• § 652 When any plan of reorganization becomes effective, all books, records, and assets of the licensee shall be disposed of in accordance with the provisions of the…