(a) The Administratorof Credit Unions shall have the right and is hereby empowered to serve awritten notice of his intention to remove from office any officer, director,committeeman or employee of any credit union doing business under Articles 14Athrough 15A of this Chapter who shall be found to be dishonest, incompetent, orreckless in the management of the affairs of the credit union, or whopersistently violates the laws of this State or the lawful orders, instructionsand regulations issued by the Administrator and/or the State Credit UnionCommission.
(b) A notice ofintention to remove a director, officer, committee member or employee fromoffice shall contain a statement of the alleged facts constituting the groundstherefor and shall fix a time and place at which a hearing before the CreditUnion Commission will be held thereon. Such hearing shall be fixed for a datenot earlier than 30 days nor later than 60 days after the date of service ofsuch notice unless an earlier or a later date is set by the Commission at therequest of such director, officer, committee member or employee and for goodcause shown. Pending this hearing, the Administrator may remove the allegedviolator if he finds that it is essential to the continued well‑being ofthe credit union or the public to do so. Unless, of course, such director,officer, committee member or employee shall appear at the hearing in person orby a duly authorized representative, he shall be deemed to have consented tothe issuance of an order of such removal. In the event of such consent, or ifupon the record made at any such hearing the Credit Union Commission shall find that any of the grounds specified in such notice has been determined bythe greater weight of the evidence, the Commission may issue such orders ofremoval from office as it may deem appropriate. Any such order shall becomeeffective at the expiration of 30 days after service upon such credit union andthe director, officer, committee member or employee concerned (except in thecase of an order issued upon consent, which shall become effective at the timespecified therein). Such order shall remain effective and enforceable exceptto such extent as it is stayed, modified, terminated or set aside by action ofthe Credit Union Commission or a reviewing court. (1979, c. 197, s. 1.)
(a) The Administratorof Credit Unions shall have the right and is hereby empowered to serve awritten notice of his intention to remove from office any officer, director,committeeman or employee of any credit union doing business under Articles 14Athrough 15A of this Chapter who shall be found to be dishonest, incompetent, orreckless in the management of the affairs of the credit union, or whopersistently violates the laws of this State or the lawful orders, instructionsand regulations issued by the Administrator and/or the State Credit UnionCommission.
(b) A notice ofintention to remove a director, officer, committee member or employee fromoffice shall contain a statement of the alleged facts constituting the groundstherefor and shall fix a time and place at which a hearing before the CreditUnion Commission will be held thereon. Such hearing shall be fixed for a datenot earlier than 30 days nor later than 60 days after the date of service ofsuch notice unless an earlier or a later date is set by the Commission at therequest of such director, officer, committee member or employee and for goodcause shown. Pending this hearing, the Administrator may remove the allegedviolator if he finds that it is essential to the continued well‑being ofthe credit union or the public to do so. Unless, of course, such director,officer, committee member or employee shall appear at the hearing in person orby a duly authorized representative, he shall be deemed to have consented tothe issuance of an order of such removal. In the event of such consent, or ifupon the record made at any such hearing the Credit Union Commission shall find that any of the grounds specified in such notice has been determined bythe greater weight of the evidence, the Commission may issue such orders ofremoval from office as it may deem appropriate. Any such order shall becomeeffective at the expiration of 30 days after service upon such credit union andthe director, officer, committee member or employee concerned (except in thecase of an order issued upon consent, which shall become effective at the timespecified therein). Such order shall remain effective and enforceable exceptto such extent as it is stayed, modified, terminated or set aside by action ofthe Credit Union Commission or a reviewing court. (1979, c. 197, s. 1.)
(a) The Administratorof Credit Unions shall have the right and is hereby empowered to serve awritten notice of his intention to remove from office any officer, director,committeeman or employee of any credit union doing business under Articles 14Athrough 15A of this Chapter who shall be found to be dishonest, incompetent, orreckless in the management of the affairs of the credit union, or whopersistently violates the laws of this State or the lawful orders, instructionsand regulations issued by the Administrator and/or the State Credit UnionCommission.
(b) A notice ofintention to remove a director, officer, committee member or employee fromoffice shall contain a statement of the alleged facts constituting the groundstherefor and shall fix a time and place at which a hearing before the CreditUnion Commission will be held thereon. Such hearing shall be fixed for a datenot earlier than 30 days nor later than 60 days after the date of service ofsuch notice unless an earlier or a later date is set by the Commission at therequest of such director, officer, committee member or employee and for goodcause shown. Pending this hearing, the Administrator may remove the allegedviolator if he finds that it is essential to the continued well‑being ofthe credit union or the public to do so. Unless, of course, such director,officer, committee member or employee shall appear at the hearing in person orby a duly authorized representative, he shall be deemed to have consented tothe issuance of an order of such removal. In the event of such consent, or ifupon the record made at any such hearing the Credit Union Commission shall find that any of the grounds specified in such notice has been determined bythe greater weight of the evidence, the Commission may issue such orders ofremoval from office as it may deem appropriate. Any such order shall becomeeffective at the expiration of 30 days after service upon such credit union andthe director, officer, committee member or employee concerned (except in thecase of an order issued upon consent, which shall become effective at the timespecified therein). Such order shall remain effective and enforceable exceptto such extent as it is stayed, modified, terminated or set aside by action ofthe Credit Union Commission or a reviewing court. (1979, c. 197, s. 1.)
