Section 395:10-a Authority to Appoint a Federal Regulatory Agency as Liquidating or Receiving Agent. - New Hampshire Statutes

Upon petition by the bank commissioner for the state to the superior court, the court may authorize the commissioner to appoint as liquidating or receiving agent of the bank commissioner a federal agency having authority to act in such capacity, subject to consent of such federal agency, allowing the federal agency so appointed to take possession of the assets, both legal and equitable, of a closed New Hampshire depository institution or any institution with respect to which the commissioner has filed a petition pursuant to RSA 395:4. As liquidating or receiving agent appointed by the bank commissioner with the permission of the court, the federal agency may assist the bank commissioner in the performance of his duties pursuant to this chapter, completing the final liquidation of such depository institution and vacation of its charter. The federal agency so appointed shall not be subject to the requirements of RSA 395:5. Upon such appointment, the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration or any successor federal agency shall carry out its duties as receiver or liquidator pursuant to the applicable provisions of federal law.

Source. 1973, 11:1. 1991, 251:1. 1992, 98:2, eff. April 29, 1992.