NRS673.497. Powers of conservator; limitations; expenses; compensation.

      1.  The conservator confirmed or appointed by the court has all the power expressed in the court order and the following:

      (a) All the rights, powers and privileges possessed by the directors, officers and stockholders.

      (b) The power to request the resignation of or remove any director, officer or employee for cause and upon written notice, which must show the Commissioner’s approval of the action.

      (c) The power to accept new savings accounts and additions to existing accounts, which must become segregated accounts and amounts, if the Commissioner so orders in writing, not subject to offset and not available for liquidating any indebtedness of an association existing at the time the conservator was appointed.

      2.  The conservator may not:

      (a) Retain special counsel or other experts without prior approval of the court;

      (b) Incur any expenses other than normal operating expenses; or

      (c) Liquidate assets except in the normal course of operations or for the preservation of existing asset values.

      3.  All expenses of the association during the conservatorship must be paid by the association.

      4.  The amount of compensation for the conservator must be determined by the court and paid by the association. When either the Commissioner or his or her deputy has been appointed conservator, the compensation must be paid to the State Treasurer.

      5.  During the conservatorship, debtors to the association shall continue to make payments to the association as may be required under the terms of their respective contracts.

      6.  Savings account depositors may, with the approval of the conservator, withdraw all or any part of their savings accounts under the provisions of this chapter or under such regulations as the Commissioner may prescribe.

      7.  The conservator shall return the association to the board of directors if the conditions complained of by the Commissioner have been removed within 12 months after his or her appointment. If no change has been effected within that time, a receiver may be appointed by the Commissioner as provided in this chapter.

      (Added to NRS by 1969, 964; A 1975, 373; 1977, 501; 1983, 1798; 1987, 1980)