§ 5-605. Appointment of receiver

   (a) Petition to court. -- Within a reasonable time after the Commissioner takes possession of a banking institution, the Commissioner, in the name of this State, shall petition an equity court in the county where the banking institution has its principal banking office to:

   (1) Take jurisdiction over the banking institution; and

   (2) Subject to subsection (b) of this section, appoint as receiver:

      (i) An examiner; or

      (ii) The Federal Deposit Insurance Corporation.

(b) Limitation on appointments. --

   (1) The Commissioner may petition for appointment of the Federal Deposit Insurance Corporation as receiver only of a banking institution that the Corporation insures.

   (2) Appointment of the Federal Deposit Insurance Corporation becomes effective when the Corporation files with the court and the court approves a certificate of acceptance.

(c) Bond. -- A receiver shall provide any bond that the court requires.

(d) Reimbursement for expenses. -- If an examiner is appointed receiver, the examiner:

   (1) May not receive further compensation for services as receiver; but

   (2) Subject to order of the court, is entitled to reimbursement for expenses for legal and clerical help and travel.

HISTORY: An. Code 1957, art. 11, § 15, 17A; 1980, ch. 33, § 2; 1996, ch. 326, § 2.