Section 286.3-854 - Closing of bank by commissioner - Written statement of grounds - Appointment of receiver(1) The commissioner may take possession and close a bank for purposes of liquidation in any case in which the commissioner finds that the bank: (b) Has permitted capital to become impaired to a level which does not permit the bank to operate in a safe and sound manner;(c) Has had insurance of depositors' accounts terminated by the FDIC; or(d) Has requested through its board of directors that the commissioner take possession for the benefit of depositors, other creditors and shareholders.(2) If the commissioner has taken possession of and closed a bank for purpose of liquidation, the commissioner shall forthwith issue a written finding of one (1) or more of the grounds for closing provided in this section and shall appoint a receiver for the bank. The commissioner shall immediately thereafter apply to the receivership court for confirmation of the appointment of a receiver. The court shall act upon the application forthwith and may proceed without notice to any person.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 648, effective7/15/2010. -- Created 1984 Ky. Acts ch. 324, sec. 43, effective 7/13/1984.