California Financial Code

§ 8251

FIN § 8251Div. 2 · Ch. 7 · Art. 7

Statute text

(a)In the case of an insured association, the appointment by the commissioner of a receiver under this article shall constitute an official determination of a public authority of this state pursuant to which a receiver is appointed for the purpose of liquidation as contemplated by and within the meaning of subdivision (d) of Section 401 of the National Housing Act of 1934 (12 U.S.C. Sec. 1701 et seq.), as amended.

(b)A receiver shall have all the powers and authority of a conservator plus the power to liquidate, and shall have any other powers and authority that are expressed in an order of a court.

Legislative history

Amended by Stats. 1988, Ch. 718, Sec. 23.