Indiana Code 28-7-2.5-3. Appointment of conservator; bond or security; eligible conservators
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Sec. 3. (a) The department may appoint a conservator for a credit union if the department determines that:
(2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union.
(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the credit union; or
Terms Used In Indiana Code 28-7-2.5-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.
(c) The department may appoint any of the following as a conservator under this section:
(1) A private insurance company authorized to insure deposits or share accounts in Indiana.
(2) The National Credit Union Administration or its successor.
(3) Any competent and disinterested person.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.