The state banking board and state credit union board , except as otherwise provided in this title, have authority and power to appoint, by their own order, receivers for insolvent financial institutions and credit unions under their regulatory supervision . Such receivers have the same power and authority, and their acts have the same validity, as if they had been appointed under and by the direction of a district court. Nothing herein contained may be construed so as to take away from the courts the power to appoint receivers of such financial institutions and credit unions at any stage of the proceedings and thus to terminate the receivership ordered by the board.
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