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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 45. Alaska Credit Union Act
- Section 220. Suspension, Conditional Operation, and Liquidation.
previous: Section 210
. Minors or Trusts.
next: Section 230
. Exemption From Taxation.
AS 06.45.220. Suspension, Conditional Operation, and Liquidation.
- (a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound
manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter,
or regulations adopted by the commissioner, may exercise the powers granted under AS 06.01.030
and temporarily suspend the operations of the credit union.
- (b) The commissioner, under the regulations adopted by the commissioner, may permit operations to continue under
conditions and procedures established by the commissioner, or direct the credit union to cease operations and appoint a
liquidating agent to liquidate the credit union.
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