58-29B-33. Authority of rehabilitator to reform and revitalize issuer.
67 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The rehabilitator may take any action he considers appropriate to reform and revitalize the insurer. He shall have all the powers of the directors, officers, and managers, whose authority shall be suspended, except as they are redelegated by the rehabilitator. He may direct and manage, hire and discharge employees subject to any contract rights they may have, and deal with the property and business of the insurer.