TITLE 26

BANKS AND BANKING

CHAPTER 36

TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT

26-3607.  Impairment of capital — Unsafe condition — Receivership. If it appears to the director that the capital of a state trust company is either reduced or impaired below one million five hundred thousand dollars ($1,500,000) or the affairs of the company are in an unsound condition, the director shall order the state trust company to make good any deficit or to remedy the unsafe condition of its affairs within sixty (60) days of the date of such order and may restrict and regulate the operation of the state trust company until the capital is so restored. If the deficiency in capital has not been made good and the unsafe condition remedied within sixty (60) days, the director may apply to the district court, in the county in which the principal office of the state trust company is located, to be appointed receiver for the liquidation or rehabilitation of the state trust company. The expense of such receivership shall be paid out of the assets of the state trust company.

History:

[26-3607, added 2000, ch. 288, sec. 12, p. 990.]