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Can you summarize RIGL Title 19, Chapter 11?
Financial institutions > Conservatorship
Short Summary
This section of the State of Rhode Island General Laws pertains to conservatorship of financial institutions and credit unions. It outlines the powers and responsibilities of a conservator appointed by the director or the director’s designee. The conservator is required to collect all moneys and assets due to the financial institution or credit union, continue its business operations, and conserve its assets. They have the authority to sell or compound bad or doubtful claims, borrow money on behalf of the institution, sell real and personal property, and take mortgages on real property. The conservator is also authorized to prosecute and defend legal proceedings involving the financial institution or credit union. They have the power to execute various legal instruments necessary for sales, pledges, mortgages, and other transactions. Additionally, the conservator is subject to any additional powers, authority, and duties prescribed by the director. This section does not mention any specific exemptions or penalties.
Whom does it apply to?
Financial institutions and credit unions
What does it govern?
Conservatorship of financial institutions and credit unions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Rhode Island