In the event of a receivership of a trust company, the director may, without regard to priorities, preferences, or adverse claims, reduce the pledged investments to cash and, as soon as practicable, utilize the cash to defray the costs associated with the receivership. Income from the investments pledged shall belong to and be paid to the trust company so long as the trust company continues to conduct its business in the ordinary course and so long as authorized by the director. If the director requires a trust company to increase its pledge, the director shall provide the trust company with notice and an order setting forth the amount of the pledge. The proposed effective date of the order setting forth the amount of the pledge shall be stated in the order as on or after the thirty-first day after the date of the order. Unless the trust company requests a hearing before the commission in writing before the proposed effective date of the order, the order is effective and final on the proposed effective date. Any hearing before the commission shall be held pursuant to chapter 1-26 . Source: SL 2010, ch 232 , § 21; SL 2012, ch 233 , § 1; SL 2015, ch 240 , § 5; SL 2019, ch 205 , § 2.
The commission may promulgate rules, pursuant to chapter 1-26 , to establish additional investment guidelines or investment options for purposes of the pledge required by this section
— under CREATION OF TRUST COMPANIES.