§ 19208.
149 words·~1 min read·
/vt/title-8/chapter-209/19208A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 19208. Deposits
(a)In the Commissioner’s discretion, the Commissioner may permit the conservator to receive deposits, but deposits received while the financial institution is in the hands of the conservator shall not be subject to any limitation as to payment or withdrawal, and those deposits shall be segregated and shall not be used to liquidate any indebtedness of the financial institution existing at the time that a conservator was appointed to it, or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of the financial institution existing at the time the conservator was appointed.
(b)Deposits so received while the financial institution is in the hands of the conservator shall be kept on hand in cash, invested in the direct obligations of the United States, or deposited in financial institutions approved by the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)