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Session Laws, 1933 (Special Session)
Volume 578, Page 175   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 175

and held. In either event no order of rehabilitation shall
be made without due notice thereof to the company (served
upon its president or vice-president) or the Commissioner,
as the case may be, and full opportunity to be heard. Upon
such hearing the court shall either deny the application or
grant the same, together with such other relief as the
nature of the case and the interests of the policyholders,
bondholders, creditors, stockholders, members and/or the
public may require.

51E. In any application under Section 51D of this
Article the Court may, at the time of such application or
thereafter, issue an injunction restraining the company, its
officers, directors, stockholders, members, trustees, agents,
servants, employees, policyholders, bondholders, attorneys,
managers, and/or all other persons from the transaction
of its business or waste or disposition of its property until
the further order of said court.

Said court may also at any time during the pendency of
any such proceeding issue such other injunctions or orders
as may be deemed necessary to prevent interference with
the Commissioner, or the proceedings, or waste of the as-
sets of the company, or the prosecution of any actions, or
the obtaining of preferences, judgments, attachments, or
other liens, or the making of any levy against the company
or against its assets or any part thereof.

51F. For the purpose of rehabilitation under this Arti-
cle the Commissioner shall have the power to appoint under
his hand and official seal one or more Special Deputy Com-
missioners of Insurance as his agent or agents, and to em-
ploy such counsel, clerks and assistants as may by him be
deemed necessary and to give each of such persons such
powers to assist him as he may consider wise.

The compensation of such Special Deputy Commissioners,
counsel, clerks and assistants, and all expense of conducting
any proceeding under this Article shall be fixed by the
Commissioner, subject to the approval of the court, and
shall, on certificate of the Commissioner, be paid out of the
funds or assets of such company.

51G. All moneys collected by the Commissioner in any
rehabilitation proceeding under Section 51B of this Article
shall be, from time to time, deposited in one or more state
or national banks, savings banks or trust companies, which
said depositories shall furnish depository bonds in amounts
and with sureties and in terms satisfactory to the Com-
missioner.

 

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Session Laws, 1933 (Special Session)
Volume 578, Page 175   View pdf image (33K)
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