When any association, of whose property, business, and assets the commissioner has taken possession, deems itself aggrieved thereby, it may appeal to the financial services board pursuant to section 11-44-101.8 and receive expedited consideration as soon as practicable, and if it has, within ten days after the commissioner took possession, served written notice on the commissioner of its intention to seek to enjoin in court the commissioner's further proceedings, it may apply at any time within thirty days after such taking possession to the district court of the county in which the principal office of the association is located to enjoin further proceedings. After citing the commissioner to show cause why further proceedings should not be enjoined and hearing the evidence of the parties and determining the facts, the court may, upon the merits, dismiss such application or enjoin the commissioner from further proceedings and direct the commissioner to surrender such business, property, and assets to such association. An appeal from such judgment shall operate as a stay from the commissioner's taking possession, and no bond need be given if such appeal is taken by the commissioner; but, if such appeal is taken by such association, a bond shall be given as required by the court.
Source: L. 33: p. 341, � 10. CSA: C. 25, � 56. CRS 53: � 122-6-11. C.R.S. 1963: � 122-5-11. L. 93: Entire section amended, p. 1452, � 11, effective June 6.
11-44-112. Appointment of commissioner as receiver - assignment for benefit of creditors prohibited. Upon application to the district court, the commissioner may be appointed the receiver to operate a savings and loan association when such appointment is necessary to avoid the association's assets becoming impaired or when the association is operating in an unsafe manner. In lieu of the commissioner being appointed a receiver or liquidator, the federal deposit insurance corporation or its successor, or an insurer authorized to insure obligations or accounts pursuant to articles 40 to 47.5 of this title, may be tendered an appointment as receiver or liquidator. For the purposes of rule 98 of the Colorado rules of civil procedure, venue of the commissioner is in the city and county of Denver. No savings and loan association shall make an assignment for the benefit of creditors.
Source: L. 33: p. 342, � 11. CSA: C. 25, � 57. CRS 53: � 122-6-12. C.R.S. 1963: � 122-5-12. L. 82: Entire section amended, p. 246, � 2, effective March 25. L. 84: Entire section amended, p. 382, � 12, effective May 11. L. 2004: Entire section amended, p. 152, � 62, effective July 1.