Okla. Stat. tit. 6, § 6-2018.2
This is the official text of Okla. Stat. tit. 6, § 6-2018.2, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
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Appointment of conservator and agents - Judicial relief
Official statutory text
- 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 Page 262
(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.
(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 Page 262
(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.
Status: in_force · Read it on the official government site
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