1. (a) The department may appoint a conservator for a credit union if the department determines that:

   1. (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2 (a) exist with respect to the credit union; or
   2. (2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union.
2. (b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.

3. (c) The department may appoint any of the following as a conservator under this section:

   1. (1) A private insurance company authorized to insure deposits or share accounts in Indiana.
   2. (2) The National Credit Union Administration or its successor.
   3. (3) Any competent and disinterested person.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.