51A-15-15. Management and control powers of director in possession.
128 words·~1 min read·
/sd/title-51/chapter-51-15/51a-15-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the director has taken possession he shall be vested with the full and exclusive power of management and control, including the power to assess outstanding capital stock, continue or to discontinue the business, to stop or to limit the payment of its obligations, to employ any necessary assistants, to execute any instrument in the name of the bank, to commence, defend and conduct in its name any action or proceeding in which it may be a party, to terminate his possession by restoring the bank to its board of directors and to reorganize or liquidate the bank in accordance with this chapter.
As soon as practicable after taking possession the director shall make an inventory of the assets and file a copy thereof with the circuit court.