Idaho Code
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2140A - CONSERVATORSHIP.

26-2140A. CONSERVATORSHIP. (1) The director may, in his discretion and without notice, appoint himself or an agent as conservator and immediately take possession and control of the business and assets of any credit union in any case in which:
(a) The director determines that such action is necessary to conserve the assets of any credit union or to protect the interests of the members of such credit union;
(b) The credit union, by a resolution of its board of directors, consents to such an action by the director;
(c) There is a violation of a cease and desist order, or any law, rule, regulation or any written agreement entered into with the director; or
(d) There is concealment of books, papers, records, or assets of the credit union or refusal to submit books, papers, records, or affairs of the credit union for inspection to any examiner or to any lawful agent of the director.
(2) Not later than thirty (30) calendar days after the date on which the director takes possession and control of the business and assets of a credit union, such credit union may apply to the district court for the judicial district in which the credit union is located for an order requiring the director to show cause why he should not be enjoined from continuing such possession and control. Except as provided in this subsection, no court may take any action, except at the request of the director, to restrain or affect the exercise of powers or functions of the director as conservator.
(3) The director may maintain possession and control of the business and assets of such credit union and may operate such credit union until such time as:
(a) The director shall permit such credit union to continue business subject to such terms and conditions as may be imposed by the director;
(b) Such credit union is placed in receivership in accordance with the provisions of section 26-2141, Idaho Code; or
(c) Otherwise ordered by the district court of the judicial district in which the credit union is located.
(4) The director may appoint such agents as he considers necessary in order to carry out his duties as conservator.
(5) All expenses of the credit union during the period of the conservatorship shall be paid by the credit union.
(6) The conservator shall have all the powers of the members, the directors, the officers, and the committees of the credit union and shall be authorized to operate the credit union in its own name or to conserve its assets in the manner and to the extent authorized by the director.
(7) The authority granted in this section is in addition to all other authority granted to the director under this chapter.

History:
[26-2140A, added 1991, ch. 236, sec. 6, p. 571; am. 2020, ch. 214, sec. 6, p. 631.]

Structure Idaho Code

Idaho Code

Title 26 - BANKS AND BANKING

Chapter 21 - IDAHO CREDIT UNION ACT

Section 26-2101 - SCOPE.

Section 26-2102 - PURPOSE.

Section 26-2103 - SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.

Section 26-2104 - DEFINITION AND USE OF TERMS.

Section 26-2105 - ORGANIZATION.

Section 26-2106 - AMENDMENT TO ARTICLES OF INCORPORATION AND BYLAWS — APPROVAL OF DIRECTOR — PROCEDURE.

Section 26-2107 - RESTRICTIONS.

Section 26-2108 - POWERS.

Section 26-2109 - POWER TO ACQUIRE AND HOLD REAL PROPERTY.

Section 26-2110 - MEMBERSHIP.

Section 26-2111 - EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP.

Section 26-2112 - FISCAL YEAR.

Section 26-2113 - MEMBER VOTING.

Section 26-2113A - ANNUAL MEMBERSHIP MEETINGS.

Section 26-2113B - SPECIAL MEMBERSHIP MEETINGS.

Section 26-2114 - BOARD OF DIRECTORS — ELECTION OF DIRECTORS — TERMS — VACANCIES — MEETINGS — RULES.

Section 26-2114A - BOARD MEMBERS — QUALIFICATIONS.

Section 26-2114B - OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION.

Section 26-2115 - OFFICERS.

Section 26-2116 - BOARD OF DIRECTORS — POWERS AND DUTIES.

Section 26-2117 - PENALTIES FOR OFFICIAL MISCONDUCT.

Section 26-2118 - CREDIT COMMITTEE — APPOINTMENT — DUTIES.

Section 26-2119 - LOANS.

Section 26-2120 - LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.

Section 26-2120A - LIMIT ON LOAN MATURITY.

Section 26-2121 - SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.

Section 26-2121A - SUPERVISORY COMMITTEE DUTIES.

Section 26-2121B - SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.

Section 26-2121C - SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE.

Section 26-2121D - REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.

Section 26-2122 - COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT.

Section 26-2123 - SHARES AND CERTIFICATES OF DEPOSIT.

Section 26-2124 - JOINT ACCOUNTS.

Section 26-2125 - MINORS.

Section 26-2126 - TRUST ACCOUNTS.

Section 26-2127 - INVESTMENT OF FUNDS.

Section 26-2128 - LIQUIDITY REQUIREMENTS.

Section 26-2129 - RESERVE REQUIREMENTS.

Section 26-2130 - DIVIDENDS.

Section 26-2131 - SHARE REDUCTION.

Section 26-2132 - MERGER.

Section 26-2133 - REPORTS — FINANCIAL AND STATISTICAL DATA.

Section 26-2134 - APPLICATION FEES.

Section 26-2135 - BOOKS AND RECORDS.

Section 26-2136 - FEES.

Section 26-2136A - EXAMINATIONS AND INVESTIGATIONS REPORTS — ACCESS TO RECORDS — OATHS — SUBPOENAS.

Section 26-2136B - EXAMINATION REPORTS AND SPECIFIED OTHER INFORMATION CONFIDENTIAL — EXCEPTIONS — PENALTY.

Section 26-2136C - DISCLOSURE OF CONFIDENTIAL INFORMATION BY THE DEPARTMENT — PENALTY.

Section 26-2137 - FALSE REPORTS.

Section 26-2138 - TAXATION.

Section 26-2139 - CONVERSION.

Section 26-2140 - CEASE AND DESIST ORDER — PENALTY.

Section 26-2140A - CONSERVATORSHIP.

Section 26-2140B - SUSPENSION OR REMOVAL OF DIRECTORS, SUPERVISORY COMMITTEE MEMBERS, OFFICERS, OR EMPLOYEES — PROHIBITION OF FUTURE EMPLOYMENT.

Section 26-2141 - APPOINTMENT OF RECEIVER — CONDITIONS — PROCEEDING — BOND — REPORTING SCHEDULE — SUBROGATION OF FEDERAL AGENCY TO RIGHTS OF DEPOSIT OWNERS.

Section 26-2141A - RECEIVER — DUTIES — POWERS.

Section 26-2142 - VOLUNTARY AND/OR INVOLUNTARY LIQUIDATION.

Section 26-2143 - HEAD OFFICE AND BRANCH OFFICES.

Section 26-2144 - ADMINISTRATION, RULES AND REGULATIONS.

Section 26-2145 - AUTHORITY TO EXERCISE FEDERAL POWERS.

Section 26-2146 - INVESTMENT IN SERVICE CORPORATION.

Section 26-2147 - CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION.

Section 26-2148 - DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF.

Section 26-2149 - PROHIBITED ACTIVITIES.

Section 26-2150 - CUSTOMER-CREDIT UNION COMMUNICATION TERMINAL.

Section 26-2151 - CUSTODIAL ACCOUNTS.

Section 26-2152 - INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION.

Section 26-2153 - SHARE AND DEPOSIT INSURANCE.

Section 26-2154 - CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.

Section 26-2155 - DESIGNATION OF DEPOSITORY — REPORTING OF RESERVES AND UNDIVIDED EARNINGS.

Section 26-2156 - BOND COVERAGE.

Section 26-2157 - AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.

Section 26-2170 - DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION.

Section 26-2171 - ORGANIZATION — IDAHO CORPORATE CREDIT UNION.

Section 26-2172 - AMENDMENTS — IDAHO CORPORATE CREDIT UNION.

Section 26-2173 - CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION.

Section 26-2174 - MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION.

Section 26-2175 - EXPULSION AND/OR WITHDRAWAL FROM THE FIELD OF MEMBERSHIP OF THE IDAHO CORPORATE CREDIT UNION.

Section 26-2176 - MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION.

Section 26-2177 - OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION.

Section 26-2178 - OFFICERS — IDAHO CORPORATE CREDIT UNION.

Section 26-2179 - BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION.

Section 26-2180 - LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION.

Section 26-2181 - COMPENSATION — CORPORATE OFFICERS.

Section 26-2182 - SHARES AND DEPOSITS.

Section 26-2183 - RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION.

Section 26-2184 - DIVIDENDS — IDAHO CORPORATE CREDIT UNION.

Section 26-2185 - APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT.

Section 26-2186 - TAXATION — IDAHO CORPORATE CREDIT UNION.

Section 26-2187 - CONSTRUCTION AGAINST REPEAL.

Section 26-2188 - SEVERABILITY.