Rule 80-12-7-.05 - Dissolution(1) Every MALPB shall continuously maintain a receivership letter of credit issued in favor of the Department to satisfy costs and expenses associated with a receivership of the MALPB. The letter of credit shall be in the principal sum of $100,000 or such greater amount as the Department may require based on its evaluation of the factors set forth in Rule 80-12-2-.08.(2) In the event the Department takes possession of an MALPB, the Department is authorized to utilize the receivership letter of credit provided to it by the MALPB to satisfy costs and expenses related to the receivership including, but not limited to, the costs and expenses incurred by the receiver or deputy receiver in administering the receivership.Ga. Comp. R. & Regs. R. 80-12-7-.05
O.C.G.A. §§ 7-9-3, 7-9-13.
Original Rule entitled "Dissolution" adopted. F. Dec. 3, 2013; eff. Dec. 23, 2013.Amended: F. July 12, 2024; eff. Aug. 1, 2024.