§ 31.12.674. Receiver may be required to show cause -- Superior court
Within ten days after the receiver takes possession of a credit union's assets, the credit union may serve notice upon the receiver to appear before the superior court of the county in which the principal place of business of the credit union is located and at a time to be fixed by the court, which may not be less than five or more than fifteen days from the date of the service of the notice, to show cause why the credit union should not be restored to the possession of its assets.
The court shall summarily hear and dismiss the complaint if it finds that the receiver was appointed for cause. However, if the court finds that no cause existed for appointment of the receiver, the court shall require the receiver to restore the credit union to possession of its assets and enjoin the director from further appointment of a receiver for the credit union without cause.
[1997 c 397 § 71.]
Sections: Previous 31.12.651 31.12.654 31.12.657 31.12.661 31.12.664 31.12.667 31.12.671 31.12.674 31.12.677 31.12.681 31.12.684 31.12.687 31.12.691 31.12.694 31.12.697 NextLast modified: April 7, 2009