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Dissolution is effective upon the superintendent's acceptance | | of articles of dissolution for filing with the bureau.__At the | | time of the superintendent's acceptance of the filing, the | | credit union ceases to exist, except for the purposes of suits | | or other proceedings provided for by law. |
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| | | 2.__Involuntary dissolution.__This subsection governs the | | involuntary dissolution of a credit union. |
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| | | A.__If, upon examination of a credit union, the | | superintendent determines that the credit union is insolvent | | or that the credit union is operating in an unsafe or | | unsound manner, the superintendent may appoint a receiver | | who shall proceed to close the credit union.__The credit | | union shall remain in existence for the purpose of winding | | up its affairs. |
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| | | B.__The person appointed by the superintendent as a receiver | | may be the superintendent, a deputy or any other person, | | including the agency insuring the credit union's accounts | | pursuant to section 836, as the superintendent may choose, | | and a certified copy of the order making such an appointment | | is evidence of the appointment.__The receiver need not post | | a bond.__The receiver has the power and authority provided | | in this Title and any other powers and authority as may be | | expressed in the order of the superintendent. |
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| | | C.__If the superintendent or a deputy is appointed receiver, | | no additional compensation need be paid, but any reasonable | | and necessary expenses of the superintendent or deputy as | | receiver must be paid by the credit union.__If another | | person is appointed, then the compensation of the receiver | | must be paid from the assets of that credit union. |
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| | | D.__In the event that the federal agency insuring the credit | | union's shares or accounts pursuant to section 836 accepts | | an appointment as receiver, the agency shall acquire both | | legal and equitable title to all assets, rights or claims | | and to all real and personal property of the credit union to | | the extent necessary for the agency to perform its duties as | | receiver under applicable federal law to effectuate the | | appointment.__If the agency pays or makes available for | | payment the insured shares of a credit union by reason of | | actions taken pursuant to this section, the agency is | | subrogated to the rights of all the members of the credit | | union, whether or not it has become receiver of the credit | | union, in the same manner and to the same extent as it would | | be subrogated in the receivership of a credit union | | operating under a federal charter and insured by the agency. |
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