§ 31.12.575. Removal or prohibition orders -- Director's authority -- Notice
The director may issue and serve a credit union director, supervisory committee member, officer, or employee with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the credit union or any credit union whenever, in the opinion of the director:
(1) The person has committed a material violation of law or an unsafe or unsound practice; and
(2)(a) The credit union has suffered or is likely to suffer substantial financial loss or other damage; or
(b) The interests of the credit union's share account holders and depositors could be seriously prejudiced by reason of the violation or practice; and
(3) The violation or practice involves personal dishonesty, recklessness, or incompetence.
[2001 c 83 § 32; 1997 c 397 § 52; 1994 c 92 § 210; 1984 c 31 § 59.]
Sections: Previous 31.12.516 31.12.518 31.12.545 31.12.565 31.12.567 31.12.569 31.12.571 31.12.575 31.12.585 31.12.595 31.12.625 31.12.630 31.12.633 31.12.637 31.12.641 NextLast modified: April 7, 2009