(1) A conservator may take immediate possession and control of the property and affairs of an association and act to protect the interest of the members, account holders and other creditors and stockholders. A conservator has all the rights, powers and privileges of the officers, the board of directors and the members of the association, including the power to liquidate and dissolve the association. A conservator has the power and authority provided by this chapter and such other power and authority as may be expressed in the order of the court.
(2) The directors and officers shall remain in office and the employees shall remain in their respective positions, but the conservator may remove any officer or employee, if the order of removal of an officer is approved in writing by the Director of the Department of Consumer and Business Services.
(3) While an association is in the charge of a conservator, the association shall continue to take payments in accordance with the terms and conditions of contracts. The conservator, in the discretion of the conservator, may permit account holders to withdraw their accounts from the association pursuant to the provisions of this chapter or under and subject to such rules as the director may prescribe. A conservator may accept savings accounts and additions to savings accounts, but any such amounts received by the conservator shall be segregated if the director so orders in writing. If so ordered, such amounts shall not be subject to offset and shall not be used to liquidate any indebtedness of the association existing at the time the conservator was appointed for it or any subsequent indebtedness incurred for the purposes of liquidating any such indebtedness. All expenses of the association during a conservatorship shall be paid by the association. [1975 c.582 §132]
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