1. (a) Under the direction of the department, a conservator appointed under this chapter shall:

   1. (1) take possession of the books, records, and assets of the credit union; and

   2. (2) take any action necessary to conserve the assets of the credit union pending:

      1. (A) a liquidation under IC 28-1-3.1 ; or
      2. (B) other disposition of the credit union's business as provided by law.

2. (b) A conservator appointed under this chapter:

   1. (1) has all the rights, powers, and privileges of a receiver appointed under IC 28-1-3.1 , except the power to liquidate a credit union; and
   2. (2) is subject to those obligations and liabilities to which a receiver is subject, to the extent the obligations and liabilities are consistent with this chapter.
3. (c) Throughout the time a conservator is in possession of a credit union under this chapter, the rights of all parties with respect to the credit union are the same as if a receiver had been appointed under IC 28-1-3.1 .

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