LD 949
pg. 5
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LR 444
Item 1

 
other than an employee of the bureau is appointed conservator,
then the compensation is determined by the superintendent and
must be paid by the financial institution along with any
reasonable and necessary expenses of the conservator,
including expenses for assistants and counsel.

 
D.__In the event that the federal corporation insuring the
financial institution's deposits or accounts pursuant to
section 422 accepts an appointment as__conservator, the
corporation acquires both legal and equitable title to all
assets, rights or claims and to all real or personal
property of the financial institution to the extent
necessary for the corporation to perform its duties as
conservator or as may be necessary under applicable federal
law to effectuate the appointment.__If the corporation pays
or makes available for payment the insured deposit
liabilities of a financial institution by reason of actions
taken pursuant to this section, the corporation becomes
subrogated to the rights of all the depositors of the
financial institution, whether or not it has become
conservator of the financial institution, in the same manner
and to the same extent as it would be subrogated in the
conservation of a financial institution operating under a
federal charter and insured by the corporation.

 
2.__Segregation of assets.__A conservator appointed under
subsection 1 may order that there be segregated and set aside
investments that in the conservator's judgment are of slow or
doubtful value or that, on account of unusual conditions, cannot
be converted into cash at their full fair value.

 
A.__Pursuant to the conservator's segregation order, the
clerk or treasurer of the financial institution shall
withdraw all investments so segregated and the then book
value of the investments from the list of investments and
book values of assets as shown on the books of the financial
institution.

 
B.__The clerk or treasurer of the financial institution
shall make and keep a complete and accurate list of the
investments segregated under this subsection, their book
values and any other records with respect to the investments
as the superintendent or conservator may from time to time
prescribe.

 
As used in this subsection, "investment" or "investments"
includes all assets of the financial institution, whether real or
personal.


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