TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 396 REGULATION, CONSERVATION, AND REORGANIZATION UNDER DIRECTION OF THE BANK COMMISSIONER
Section 396:5
396:5 Conservator. –
Whenever the commissioner shall deem it necessary in order to conserve the assets of any institution under his supervision for the benefit of the depositors and other creditors thereof, he may appoint a conservator of such institution and require of him such bond and security as the commissioner deems proper. The conservator's appointment shall be recorded in the office of the secretary of state and a copy thereof shall be placed in the corporate records of the institution affected. The conservator, under the direction of the commissioner, shall take possession of the books, records, and assets of every description of such institution and take such action as may be necessary to conserve its assets and to manage, direct, and control the business of the institution if any part of its business is to be continued or resumed.