(a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter, or regulations adopted by the commissioner, may exercise the powers granted under AS 06.01.030 and temporarily suspend the operations of the credit union.
(b) The commissioner, under the regulations adopted by the commissioner, may permit operations to continue under conditions and procedures established by the commissioner, or direct the credit union to cease operations and appoint a liquidating agent to liquidate the credit union.
Section: Previous 06.45.150 06.45.160 06.45.170 06.45.180 06.45.190 06.45.200 06.45.210 06.45.220 06.45.230 06.45.240 06.45.250 06.45.260 06.45.270 06.45.280 06.45.290 NextLast modified: November 15, 2016