Conservator: Appointment by Commissioner; district court confirmation.
1. The Commissioner may, with the prior approval of the board, appoint a conservator for an association if any of the following occur:
(a) The association does not comply with any order given pursuant to NRS 673.485, within the time specified therein.
(b) It appears to the Commissioner that the association is in an unsafe condition or is conducting its business in an unsafe or injurious manner such as to render its further proceeding hazardous to the public or to any or all of its investors.
(c) The Commissioner finds that the association’s assets are impaired to such an extent that, after deducting all liabilities other than to its investors they do not equal or exceed the sum of the value of its outstanding savings accounts and investment certificates and the par value of its outstanding stock.
(d) The association refuses to submit its books, papers and accounts to the inspection of the Commissioner or any of his examiners, deputies or assistants.
(e) Any officer of the association refuses to be examined upon oath concerning the affairs of the association.
(f) It appears to the Commissioner that false reports have been filed with his office.
2. The conservator may be the Commissioner, his deputy or any person qualified for such appointment.
3. Immediately upon appointment, the conservator shall petition the district court of the county in which the home office of the association is located for confirmation of his appointment. The court has exclusive jurisdiction to determine the issues and all related matters and it shall give precedence to such conservatorship proceedings and expedite the proceedings in every way.
Last modified: February 26, 2006