7-1-645. Show cause requirement; appointment of receiver; role of conservator; limitation on court’s role.

No later than ten days after the date a conservator is appointed pursuant to Code Section 7-1-640, a credit union may apply to its principal court for an order requiring the department to show cause why it should not be enjoined from continuing the conservatorship.#

If at any time the department determines that a credit union is not in a condition to continue business under a conservator, the department may appoint a receiver in accordance with Code Section 7-1-150.#

A conservator may conduct the business of a credit union and take steps toward the removal of the causes and conditions that have necessitated the appointment of a conservator until such time as:#

1. (1)

   The department shall permit such credit union to continue business subject to such terms and conditions as may be imposed by the department;#

2. (2)

   Such credit union is liquidated in accordance with the provisions of subsection (b) of this Code section; or#

3. (3)

   Otherwise ordered by the principal court of such credit union.#

Except as provided in this chapter, no court shall take any action, except at the request of the department, to restrain or affect the exercise of powers or functions of a conservator.#