Possession of books, records, and assets; conservation of assets; powers and obligations of conservator; rights of parties

Sec. 5. (a) Under the direction of the department, a conservator appointed under this chapter shall: (1) take possession of the books, records, and assets of the credit union; and (2) take any action necessary to conserve the assets of the credit union pending: (A) a liquidation under IC 28-1-3.1; or (B) other disposition of the credit union's business as provided by law. (b) A conservator appointed under this chapter: (1) has all the rights, powers, and privileges of a receiver appointed under IC 28-1-3.1, except the power to liquidate a credit union; and (2) is subject to those obligations and liabilities to which a receiver is subject, to the extent the obligations and liabilities are consistent with this chapter. (c) Throughout the time a conservator is in possession of a credit union under this chapter, the rights of all parties with respect to the credit union are the same as if a receiver had been appointed under IC 28-1-3.1. As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.