§ 19-11-9 - Rules as to new deposits. - Rhode Island Statutes

SECTION 19-11-9

   § 19-11-9  Rules as to new deposits. –Whenever the period of conservatorship provided for in this chapter has beenterminated and the financial institution or credit union is permitted to resumebusiness in accordance with this chapter, or whenever a receiver of theproperty of the financial institution or credit union has been appointed inaccordance with law, the new deposits which may have been received shall bedisposed of or held for the persons entitled to them in any manner that thedirector or the director's designee shall prescribe, unless and except as thepersons entitled to those deposits have withdrawn the deposits within fifteen(15) days after the conservator has given written notice to them of theopportunity to withdraw those deposits. The conservator shall give this writtennotice and opportunity at any time and in any manner that the director or thedirector's designee shall prescribe.