Sec. 4. (a) A conservator appointed by the department under this chapter shall reimburse the department for all amounts expended by the department in connection with the conservatorship. Amounts reimbursed to the department under this subsection shall be paid from the assets of the credit union as administrative expenses. Upon approval of the department, the conservator shall pay all other administrative expenses of the conservatorship from the assets of the credit union.
(b) Administrative expenses described in this section constitute a first charge against the assets of the credit union. The conservator shall pay the administrative expenses in full before any:
(1) final distribution of the credit union's assets; or
(2) payment of dividends to members, depositors, and other creditors of the credit union.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Structure Indiana Code
Title 28. Financial Institutions
Article 7. Specialized Financial Institutions
Chapter 2.5. Conservatorship of Credit Unions
28-7-2.5-1. Application of Chapter
28-7-2.5-2. Application of Definitions
28-7-2.5-3. Appointment of Conservator; Bond or Security; Eligible Conservators
28-7-2.5-4. Reimbursement of Department; Administrative Expenses
28-7-2.5-7. Loans in Aid of Operation or Reorganization; Security
28-7-2.5-8. Termination of Conservatorship; Appointment of Receiver; Liquidation