PART II. INVOLUNTARY LIQUIDATION PROCEDURE
§391. Commencement of receivership; confirmation of receiver
A. If the conservator shall determine to liquidate the state bank, he shall file a motion for an order from the receivership court to close the bank and commence liquidation thereof. The motion shall name the receiver of the state bank, who shall be the conservator unless some other person is appointed by the commissioner. The receiver shall apply for and shall be entitled to an ex parte order of the receivership court confirming his appointment.
B. The commissioner shall appoint the FDIC receiver if any of the deposits of the state bank are insured by the FDIC. The FDIC shall not be required to post bond.
C. Upon confirmation, the receiver shall be vested with all the powers granted a conservator in Part I of this Subchapter.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985.
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