4551

The Cooperative Development Administration shall hold a hearing prior to issuing an order to place a cooperative under receivership. However, it shall issue a temporary order designating an administrative receiver without the need to hold a hearing when, in its judgment the situation of the cooperative is of such nature that irreparable damage is being caused or may be caused to its own interests, its members or creditors. When the Cooperative Development Administration issues a temporary order and designates an administrative receiver, it shall hold an administrative hearing within ten (10) days following the date of the notification of said hearing, after which it shall decide whether it is made permanent or revoked.\nIn the case of voluntary receivership requested by the Board of Directors, the Cooperative Development Administration shall call its members to an informative assembly immediately after it appoints an administrative receiver.\nHistory —Sept. 1, 2004, No. 239, § 29.1.