44-2016. Duration of appointment of conservator; distributing assets; winding up affairs of violator
A. A permanent conservator shall administer the affairs until, in the opinion of the court, the appointment is no longer necessary to conserve, protect and preserve, reorganize or further administer the properties and affairs in his possession to protect the rights of all persons in interest. At such time the court shall make a finding to that effect and cause an order to be entered accordingly, and may direct delivery of all the properties and assets in the possession of the conservator to the persons legally entitled thereto.
B. If it appears to the court at any time that the affairs of the violator are incapable of reorganization or that reorganization is not advisable, the court shall make a finding to that effect and cause an order to be entered accordingly, and may provide that the conservator shall thereafter proceed as a receiver for the purpose of winding up the affairs of the violator.
Section: Previous 44-2004 44-2005 44-2011 44-2012 44-2013 44-2014 44-2015 44-2016 44-2017 44-2031 44-2032 44-2033 44-2034 44-2035 44-2036 NextLast modified: October 13, 2016