§ 19-11-12 - Superseding receivership. - Rhode Island Statutes

SECTION 19-11-12

   § 19-11-12  Superseding receivership.– Nothing in this chapter, and no appointment or continuance of a conservatorunder this chapter, shall abridge or affect or be so construed as to abridge oraffect the right, power, and authority of the director or the director'sdesignee at any time to institute proceedings in accordance with law for theappointment of a receiver of any financial institution or credit union, or ofthe judicial authority to make appointment of a receiver upon request of thedirector or the director's designee, and if a receiver shall be appointed inthis proceeding, the conservator, whenever the receiver shall have beenappointed and qualified, shall immediately transfer and deliver to the receiverall property, books, and documents of all kinds then belonging to the financialinstitution or credit union.