LD 949
pg. 7
Page 6 of 14 An Act To Enhance the Supervisory Powers of the Department of Professional and ... Page 8 of 14
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LR 444
Item 1

 
(1)__May not be subject to any limitation as to payment
or withdrawal;

 
(2)__Must be segregated;

 
(3)__May not be used to liquidate any indebtedness of
the financial institution existing at the time that the
conservator was appointed or any subsequent
indebtedness incurred for the purpose of liquidating
the indebtedness of the financial institution existing
at the time the conservator was appointed; and

 
(4)__Must be kept in cash or invested in direct
obligations of the United States or deposited with
another financial institution.

 
7.__Replacement conservator.__The superintendent may, without
notice or hearing, replace a conservator__with another
conservator.

 
8.__Termination of conservatorship.__The superintendent by
order may terminate the conservatorship according to this
subsection.

 
A.__The superintendent may terminate the conservatorship at
the superintendent's discretion.

 
B.__Any interested party may petition the superintendent for
termination of the conservatorship 6 months following
appointment of the conservator.

 
C. Upon termination of the conservatorship, the powers and
duties of the conservator appointed pursuant to subsection 1
cease.

 
D.__Upon termination of the conservatorship:

 
(1)__The financial institution is returned to its
governing body and operates as if the conservator had
not been appointed; or

 
(2)__A receiver is appointed as provided in section
365.

 
A certified copy of any order discharging the conservator and
returning the financial institution to its governing body is
sufficient evidence of termination of conservatorship.

 
9.__Immunity from civil liability.__A person serving as a
conservator is immune from any civil liability for acts performed


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