Removal of director, officer or employee on objection of Commissioner. If the Commissioner notifies the board of directors of any association, in writing, that he has information that any director, officer or employee of the association is failing in the performance of his duties, the board of directors shall meet and consider the 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, the director, officer or employee shall be removed immediately.
Last modified: February 26, 2006