Texas Finance Code - Section 66.152. Duties Of Conservator
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Texas Laws > Finance Code > Texas Finance Code - Section 66.152. Duties Of Conservator
Section: 66.106 66.107 66.108 66.109 66.110 66.111 66.151 66.152 66.153 66.154 66.155 66.156 66.157 66.201 66.202
§ 66.152. DUTIES OF CONSERVATOR. (a) The conservator and
any deputy or assistant conservator appointed by the commissioner,
under the direction and supervision of the commissioner, shall:
(1) take possession and control of the books, records,
property, assets, liabilities, and business of the association;
(2) conduct the business and affairs of the
(b) The conservator shall:
(1) undertake to remove the causes and conditions that
made the conservatorship necessary; and
(2) during the conservatorship, report to the
commissioner as required by the commissioner.
(c) The conservator shall take measures necessary to
preserve, protect, and recover the assets or property of the
association, including a claim or cause of action that belongs to or
may be asserted by the association. The conservator may deal with
that property in the capacity of conservator.
(d) The conservator may file, prosecute, or defend a suit
brought by or against the association if the conservator considers
it necessary to protect the interested party or property affected
by the suit.
(e) A suit filed by the conservator under Subsection (c)
must be brought in Travis County.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Last modified: August 11, 2007