Removal of director, officer or employee on objection of Commissioner. If the Commissioner notifies the board in writing that he has information that any director, officer or employee of a credit union is failing in the performance of his duties, the board shall meet and consider such matter forthwith. The Commissioner must have notice of the time and place of the meeting. If the board of directors finds the Commissioner’s objection to be well founded, such director, officer or employee shall be removed immediately.
Last modified: February 26, 2006