6-162. Temporary prohibition; injunction
A. If the superintendent determines from the available facts that the conduct of
the respondent is likely to cause the financial institution or enterprise to suffer
substantial financial loss before an order can be issued under section 6-161, the
superintendent may issue a temporary order prohibiting the respondent from further
participation in any manner in the conduct of the affairs of the financial institution or
enterprise. The order shall contain a statement of the alleged facts which form the
basis of the order and becomes effective on service on the respondent. A copy of the
order shall also be served on the financial institution or enterprise. The order expires
by its terms within such time after entry, not to exceed twenty days, as the
superintendent fixes, unless the respondent consents to a longer period or within the
time fixed in the order it is extended by supplemental order issued by the superintendent
and served on the respondent and the financial institution or enterprise. On two days'
notice to the financial institution or enterprise the respondent may move that the
superintendent stay, dissolve or modify the order, and the superintendent shall proceed
to hear and determine such motion as expeditiously as justice requires.
B. The respondent served with a temporary order may apply to the superior court for
a stay of the order pending the completion of the administrative proceedings under
section 6-161, and the court has jurisdiction to stay the order if the superintendent has
refused to stay the order or to promptly consider the respondent's request for a stay.
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