Section 634. Power to appoint regulator or insurer as receiver; additional powers

Notwithstanding anything to the contrary in  this  chapter,  the  superintendent  may,  in his or her sole discretion, and upon such terms
  and conditions as the superintendent may approve, appoint as receiver or
  liquidator of any banking organization or branch or agency of a  foreign
  banking   corporation,   the   business   and   property  of  which  the
  superintendent has taken or is entitled to take possession,  the  Office
  of  the  Comptroller  of  the  Currency,  the  Federal Deposit Insurance
  Corporation, the National Credit Union Administration, the successor  or
  assignee of any of the foregoing, or such other regulator, or insurer of
  deposits  or  shares  as may be empowered by federal law to receive such
  appointment. Any regulator or insurer which accepts such appointment may
  act without bond or other security as to such appointment and shall have
  and possess, and may exercise, all the  rights,  powers  and  privileges
  provided  by  the laws of this state to the superintendent in his or her
  capacity as, or to any  other,  receiver  or  liquidator  of  a  banking
  organization  or branch or agency of a foreign banking corporation. Upon
  the payment to any depositor or shareholder of a banking organization or
  branch or agency of a foreign  banking  corporation,  the  regulator  or
  insurer  shall  be  subrogated  to  all  the rights of such depositor or
  shareholder to the extent of such payment.
    In addition to such other powers as he or she may possess  under  law,
  the   superintendent,   or   any  regulator  or  insurer  which  accepts
  appointment in accordance with the  provisions  of  this  section,  may,
  without  obtaining  the  approval  of  stockholders, shareholders or any
  court, sell, transfer, assign, consolidate or otherwise dispose  of  all
  or  any  part  of  the  assets,  real  and personal, including fiduciary
  relationships, of the banking organization, or branch or agency  of  the
  foreign  banking  corporation, to another banking organization, national
  bank, branch or agency of a foreign banking corporation, federal savings
  bank, federal savings and loan association or federal credit union or to
  such regulator or insurer, its successor or assignee, on such  terms  as
  may   be   determined  to  be  in  the  best  interests  of  depositors,
  shareholders  and  other  creditors.   In   connection   therewith   the
  superintendent  may,  in addition, and without obtaining court approval,
  borrow from such regulator or insurer any amount necessary to facilitate
  the assumption of deposit liabilities by any other  banking  institution
  and  assign  any  part or all of the assets of a banking organization or
  branch or agency of a foreign banking corporation as security  for  such
  loan.