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But if the county failed to immediately cut $50 million in spending and adopt a balanced four-year financial plan, the state would appoint a control board with the power to tell the county what cuts to make.
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In addition, the state also appointed a financial control board for Nassau County in 2000.
So when President Bill Clinton appointed a financial control board and gave it absolute authority, the board faced a complicated, sensitive task.
First spotted by the blog Chapter 11 Cases, this appears to be the latest development in a case that was first filed in February of this year, in which some of the smaller shareholders requested for the courts to appoint a receiver to take control of the company after they judged that it had been mis-managed by Criterion.
If 3 more are elected then Democrats would have a 51 -49 vote majority and would take control of The Senate, would appoint a Majority Leader and would control all committees and sub-committees.
To some voters, the decision comes down to the candidates' stance on a controversial proposed rescue package currently before the US Congress that would, among other measures, appoint a federal oversight board to control the handling of the giant public debt.
BaFin appointed a trustee to control E-Clear's voting rights.
A federal judge has frozen the assets belonging to various Stanford Financial institutions and appointed a receiver to control them.
If the court decides on reorganization rather than liquidation, it appoints a trustee to control the firm and to prepare a formal plan of reorganization.
Current talk is for the government to appoint an auto czar who would control any bailout funding beyond March of next year.
If the city and state don't reach an agreement by April 5, the governor may appoint an emergency manager to take control of its operations.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com