State Codes and Statutes

Statutes > California > Fin > 16900-16906

FINANCIAL CODE
SECTION 16900-16906



16900.  (a) The commissioner may bring an action in the name of the
people of this state in the superior court to enjoin any violation
of, to enforce compliance with, or to collect any penalty or other
liability imposed under this division or any regulation or order
issued under this chapter. Upon a proper showing, a permanent or
preliminary injunction, restraining order, or writ of mandate shall
be granted, and a monitor, receiver, conservator, or other designated
fiduciary or officer of the court may be granted as appropriate.
   (b) A receiver, monitor, conservator, or other designated
fiduciary officer of the court appointed by the court pursuant to
this section may, with the approval of the court, exercise all of the
powers of the defendant's officers, directors, partners, trustees,
or persons who exercise similar powers and perform similar duties,
including the filing of a petition for bankruptcy. No action at law
or in equity may be maintained by any party against the commissioner,
or a receiver, monitor, conservator, or other designated fiduciary
or officer of the court by reason of their exercising these powers or
performing these duties pursuant to the order of, or with the
approval of, the court.
   (c) If the commissioner finds that it is in the public interest,
the commissioner may include in a claim for restitution,
disgorgement, or damages on behalf of the person injured by the act
or practice constituting the subject matter of the action, and the
court shall have jurisdiction to award ancillary relief.
   (d) The provisions of this section that authorize the commissioner
to bring actions and seek relief are not intended to, and do not,
affect any right that any other person may have to bring the same or
similar actions or to seek the same or similar relief.



16900.5.  (a) If the commissioner finds that any person has
violated, or that there is reasonable cause to believe that any
person is about to violate, Section 16020, the commissioner may order
the person to cease and desist from the violation unless and until
the person is issued a license.
   (b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the person to whom the order is directed may file
with the commissioner an application for a hearing on the order. If
the commissioner fails to commence a hearing within 15 business days
after the application is filed with him or her (or within such longer
period to which the person consents), the order shall be deemed
rescinded. At the hearing the commissioner shall affirm, modify, or
rescind the order.
   (2) The right of any person, to whom an order is issued under
subdivision (a), to petition for judicial review of the order shall
not be affected by the failure of the person to apply to the
commissioner for a hearing on the order pursuant to paragraph (1).




16901.  If, after notice and hearing, the commissioner finds that
any person has violated any provision of this chapter or of any
regulation or order issued under this chapter, the commissioner may
order the person to pay to the commissioner a civil penalty imposed
pursuant to Section 216.3.



16902.  If, after notice and hearing, the commissioner finds any of
the following with respect to a foreign (other nation) credit union
that is licensed to maintain an office, the commissioner may issue an
order suspending or revoking the license of the foreign (other
nation) credit union.
   (a) That the foreign (other nation) credit union has violated a
provision of this division or of any regulation or order issued under
this division or a provision of any other applicable law,
regulation, or order.
   (b) That the foreign (other nation) credit union is transacting
the business in this state or elsewhere in an unsafe or unsound
manner.
   (c) That the foreign (other nation) credit union is in unsafe or
unsound condition.
   (d) That the foreign (other nation) credit union has ceased to
operate its office.
   (e) That the foreign (other nation) credit union is insolvent in
that it has ceased to pay its debts in the ordinary course of
business, it cannot pay its debts as they become due, or its
liabilities exceed its assets.
   (f) That the foreign (other nation) credit union has suspended
payment of its obligations, has made an assignment for the benefit of
its creditors, or has admitted in writing its inability to pay its
debts as they become due.
   (g) That the foreign (other nation) credit union is the subject of
an order for relief in bankruptcy or has sought other relief under
any bankruptcy, reorganization, insolvency, or moratorium law, or
that any person has applied for such relief under any such law
against the foreign (other nation) credit union, and the foreign
(other nation) credit union has by any affirmative act approved of or
consented to the action or the relief has been granted.
   (h) That a receiver, liquidator, or conservator has been appointed
for the foreign (other nation) credit union or that any proceeding
for an appointment or any similar proceeding has been initiated in
the home country of the foreign (other nation) credit union.
   (i) That the existence of the foreign (other nation) credit union
or the authority of the foreign (other nation) credit union to
transact banking business under the laws of the home country of the
foreign (other nation) credit union has been suspended or terminated.
   (j) That any fact or condition exists that, if it had existed at
the time when the foreign (other nation) credit union applied for
approval to transact business in this state, would have been grounds
for denying the application.



16903.  (a) If the commissioner finds that any of the factors set
forth in Section 16902 is true with respect to any foreign (other
nation) credit union that is licensed to maintain an office and that
it is necessary for the protection of the interests of creditors of
the foreign (other nation) credit union's business in this state or,
in any case, for the protection of the public interest that the
commissioner immediately suspend or revoke the license of the foreign
(other nation) credit union, the commissioner may issue an order
suspending or revoking the license of the foreign (other nation)
credit union.
   (b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the foreign (other nation) credit union to which the
order is issued may file with the commissioner an application for a
hearing on the order. If the commissioner fails to commence the
hearing within 15 business days after the application is filed with
the commissioner (or within any longer period to which the foreign
(other nation) credit union consents), the order shall be deemed
rescinded. Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order; otherwise, the order shall be
deemed rescinded.
   (2) The right of any foreign (other nation) credit union to which
an order is issued under subdivision (a) to petition for judicial
review of the order shall not be affected by the failure of the
foreign (other nation) credit union to apply to the commissioner for
a hearing on the order pursuant to paragraph (1).



16904.  Any foreign (other nation) credit union whose license to
maintain an office is suspended or revoked shall immediately
surrender the license to the commissioner.



16905.  (a) Any foreign (other nation) credit union to which an
order is issued under Section 16902 and 16903 may apply to the
commissioner to modify or rescind the order. The commissioner shall
not grant the application unless the commissioner finds that it is in
the public interest to do so and that it is reasonable to believe
that the foreign (other nation) credit union will, if and when it is
again authorized to maintain an office, comply with all applicable
provisions of this division and of any regulation or order issued
under this division.
   (b) The right of any foreign (other nation) credit union to which
an order is issued under Section 16902 or 16903 to petition for
judicial review of the order shall not be affected by the failure of
the foreign (other nation) credit union to apply to the commissioner
pursuant to subdivision (a) to modify or rescind the order.




16906.  (a) If the commissioner finds that any of the factors set
forth in Section 16902 is true with respect to any foreign (other
nation) credit union which is authorized to transact business in this
state and that it is necessary for the protection of the interests
of the creditors of the business of the foreign (other nation) credit
union in this state or for the protection of the public interest
that he or she take immediate possession of the property and business
of the foreign (other nation) credit union, the commissioner may by
order forthwith take possession of the property and business of the
foreign (other nation) credit union and retain possession until the
foreign (other nation) credit union resumes business in this state or
is finally liquidated. The foreign (other nation) credit union may,
with the consent of the commissioner, resume business in this state
under the conditions as the commissioner may prescribe.
   (b) (1) Whenever the commissioner takes possession of the property
and business of a foreign (other nation) credit union pursuant to
subdivision (a), the foreign (other nation) credit union may, within
10 days, apply to the superior court in the county in which the
primary office in this state of the foreign (other nation) credit
union is located to enjoin further proceedings. The court may, after
citing the commissioner to show cause why further proceedings should
not be enjoined and after a hearing, dismiss the application or
enjoin the commissioner from further proceedings and order him or her
to surrender the property and business of the foreign (other nation)
credit union to the foreign (other nation) credit union or make any
further order as may be just.
   (2) The judgment of the court may be appealed by the commissioner
or by the foreign (other nation) credit union in the manner provided
by law for appeals from the judgment of a superior court to the court
of appeal. In case the commissioner appeals the judgment of the
court, the appeal shall operate as a stay of the judgment, and the
commissioner shall not be required to post any bond.
   (c) Whenever the commissioner takes possession of the property and
business of a foreign (other nation) credit union pursuant to
subdivision (a), the commissioner shall conserve or liquidate the
property and business of the foreign (other nation) credit union in
accordance with Sections 14301 to 14304, inclusive.
   (d) When the commissioner has completed the liquidation of the
property and business of a foreign (other nation) credit union in
this state, the commissioner shall transfer any remaining assets to
the foreign (other nation) credit union in accordance with any order
the court may issue. However, in case the foreign (other nation)
credit union has an office in another state of the United States
which is in liquidation and the assets of that office appear to be
insufficient to pay in full the creditors of that office, the court
shall order the commissioner to transfer to the liquidator of that
office the amount of any remaining assets as appears to be necessary
to cover the insufficiency. If there are two or more offices and the
amount of remaining assets is less than the aggregate amount of
insufficiencies with respect to those offices, the court shall order
the commissioner to distribute the remaining assets among the
liquidators of the offices in the manner as the court determines is
equitable.

State Codes and Statutes

Statutes > California > Fin > 16900-16906

FINANCIAL CODE
SECTION 16900-16906



16900.  (a) The commissioner may bring an action in the name of the
people of this state in the superior court to enjoin any violation
of, to enforce compliance with, or to collect any penalty or other
liability imposed under this division or any regulation or order
issued under this chapter. Upon a proper showing, a permanent or
preliminary injunction, restraining order, or writ of mandate shall
be granted, and a monitor, receiver, conservator, or other designated
fiduciary or officer of the court may be granted as appropriate.
   (b) A receiver, monitor, conservator, or other designated
fiduciary officer of the court appointed by the court pursuant to
this section may, with the approval of the court, exercise all of the
powers of the defendant's officers, directors, partners, trustees,
or persons who exercise similar powers and perform similar duties,
including the filing of a petition for bankruptcy. No action at law
or in equity may be maintained by any party against the commissioner,
or a receiver, monitor, conservator, or other designated fiduciary
or officer of the court by reason of their exercising these powers or
performing these duties pursuant to the order of, or with the
approval of, the court.
   (c) If the commissioner finds that it is in the public interest,
the commissioner may include in a claim for restitution,
disgorgement, or damages on behalf of the person injured by the act
or practice constituting the subject matter of the action, and the
court shall have jurisdiction to award ancillary relief.
   (d) The provisions of this section that authorize the commissioner
to bring actions and seek relief are not intended to, and do not,
affect any right that any other person may have to bring the same or
similar actions or to seek the same or similar relief.



16900.5.  (a) If the commissioner finds that any person has
violated, or that there is reasonable cause to believe that any
person is about to violate, Section 16020, the commissioner may order
the person to cease and desist from the violation unless and until
the person is issued a license.
   (b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the person to whom the order is directed may file
with the commissioner an application for a hearing on the order. If
the commissioner fails to commence a hearing within 15 business days
after the application is filed with him or her (or within such longer
period to which the person consents), the order shall be deemed
rescinded. At the hearing the commissioner shall affirm, modify, or
rescind the order.
   (2) The right of any person, to whom an order is issued under
subdivision (a), to petition for judicial review of the order shall
not be affected by the failure of the person to apply to the
commissioner for a hearing on the order pursuant to paragraph (1).




16901.  If, after notice and hearing, the commissioner finds that
any person has violated any provision of this chapter or of any
regulation or order issued under this chapter, the commissioner may
order the person to pay to the commissioner a civil penalty imposed
pursuant to Section 216.3.



16902.  If, after notice and hearing, the commissioner finds any of
the following with respect to a foreign (other nation) credit union
that is licensed to maintain an office, the commissioner may issue an
order suspending or revoking the license of the foreign (other
nation) credit union.
   (a) That the foreign (other nation) credit union has violated a
provision of this division or of any regulation or order issued under
this division or a provision of any other applicable law,
regulation, or order.
   (b) That the foreign (other nation) credit union is transacting
the business in this state or elsewhere in an unsafe or unsound
manner.
   (c) That the foreign (other nation) credit union is in unsafe or
unsound condition.
   (d) That the foreign (other nation) credit union has ceased to
operate its office.
   (e) That the foreign (other nation) credit union is insolvent in
that it has ceased to pay its debts in the ordinary course of
business, it cannot pay its debts as they become due, or its
liabilities exceed its assets.
   (f) That the foreign (other nation) credit union has suspended
payment of its obligations, has made an assignment for the benefit of
its creditors, or has admitted in writing its inability to pay its
debts as they become due.
   (g) That the foreign (other nation) credit union is the subject of
an order for relief in bankruptcy or has sought other relief under
any bankruptcy, reorganization, insolvency, or moratorium law, or
that any person has applied for such relief under any such law
against the foreign (other nation) credit union, and the foreign
(other nation) credit union has by any affirmative act approved of or
consented to the action or the relief has been granted.
   (h) That a receiver, liquidator, or conservator has been appointed
for the foreign (other nation) credit union or that any proceeding
for an appointment or any similar proceeding has been initiated in
the home country of the foreign (other nation) credit union.
   (i) That the existence of the foreign (other nation) credit union
or the authority of the foreign (other nation) credit union to
transact banking business under the laws of the home country of the
foreign (other nation) credit union has been suspended or terminated.
   (j) That any fact or condition exists that, if it had existed at
the time when the foreign (other nation) credit union applied for
approval to transact business in this state, would have been grounds
for denying the application.



16903.  (a) If the commissioner finds that any of the factors set
forth in Section 16902 is true with respect to any foreign (other
nation) credit union that is licensed to maintain an office and that
it is necessary for the protection of the interests of creditors of
the foreign (other nation) credit union's business in this state or,
in any case, for the protection of the public interest that the
commissioner immediately suspend or revoke the license of the foreign
(other nation) credit union, the commissioner may issue an order
suspending or revoking the license of the foreign (other nation)
credit union.
   (b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the foreign (other nation) credit union to which the
order is issued may file with the commissioner an application for a
hearing on the order. If the commissioner fails to commence the
hearing within 15 business days after the application is filed with
the commissioner (or within any longer period to which the foreign
(other nation) credit union consents), the order shall be deemed
rescinded. Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order; otherwise, the order shall be
deemed rescinded.
   (2) The right of any foreign (other nation) credit union to which
an order is issued under subdivision (a) to petition for judicial
review of the order shall not be affected by the failure of the
foreign (other nation) credit union to apply to the commissioner for
a hearing on the order pursuant to paragraph (1).



16904.  Any foreign (other nation) credit union whose license to
maintain an office is suspended or revoked shall immediately
surrender the license to the commissioner.



16905.  (a) Any foreign (other nation) credit union to which an
order is issued under Section 16902 and 16903 may apply to the
commissioner to modify or rescind the order. The commissioner shall
not grant the application unless the commissioner finds that it is in
the public interest to do so and that it is reasonable to believe
that the foreign (other nation) credit union will, if and when it is
again authorized to maintain an office, comply with all applicable
provisions of this division and of any regulation or order issued
under this division.
   (b) The right of any foreign (other nation) credit union to which
an order is issued under Section 16902 or 16903 to petition for
judicial review of the order shall not be affected by the failure of
the foreign (other nation) credit union to apply to the commissioner
pursuant to subdivision (a) to modify or rescind the order.




16906.  (a) If the commissioner finds that any of the factors set
forth in Section 16902 is true with respect to any foreign (other
nation) credit union which is authorized to transact business in this
state and that it is necessary for the protection of the interests
of the creditors of the business of the foreign (other nation) credit
union in this state or for the protection of the public interest
that he or she take immediate possession of the property and business
of the foreign (other nation) credit union, the commissioner may by
order forthwith take possession of the property and business of the
foreign (other nation) credit union and retain possession until the
foreign (other nation) credit union resumes business in this state or
is finally liquidated. The foreign (other nation) credit union may,
with the consent of the commissioner, resume business in this state
under the conditions as the commissioner may prescribe.
   (b) (1) Whenever the commissioner takes possession of the property
and business of a foreign (other nation) credit union pursuant to
subdivision (a), the foreign (other nation) credit union may, within
10 days, apply to the superior court in the county in which the
primary office in this state of the foreign (other nation) credit
union is located to enjoin further proceedings. The court may, after
citing the commissioner to show cause why further proceedings should
not be enjoined and after a hearing, dismiss the application or
enjoin the commissioner from further proceedings and order him or her
to surrender the property and business of the foreign (other nation)
credit union to the foreign (other nation) credit union or make any
further order as may be just.
   (2) The judgment of the court may be appealed by the commissioner
or by the foreign (other nation) credit union in the manner provided
by law for appeals from the judgment of a superior court to the court
of appeal. In case the commissioner appeals the judgment of the
court, the appeal shall operate as a stay of the judgment, and the
commissioner shall not be required to post any bond.
   (c) Whenever the commissioner takes possession of the property and
business of a foreign (other nation) credit union pursuant to
subdivision (a), the commissioner shall conserve or liquidate the
property and business of the foreign (other nation) credit union in
accordance with Sections 14301 to 14304, inclusive.
   (d) When the commissioner has completed the liquidation of the
property and business of a foreign (other nation) credit union in
this state, the commissioner shall transfer any remaining assets to
the foreign (other nation) credit union in accordance with any order
the court may issue. However, in case the foreign (other nation)
credit union has an office in another state of the United States
which is in liquidation and the assets of that office appear to be
insufficient to pay in full the creditors of that office, the court
shall order the commissioner to transfer to the liquidator of that
office the amount of any remaining assets as appears to be necessary
to cover the insufficiency. If there are two or more offices and the
amount of remaining assets is less than the aggregate amount of
insufficiencies with respect to those offices, the court shall order
the commissioner to distribute the remaining assets among the
liquidators of the offices in the manner as the court determines is
equitable.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 16900-16906

FINANCIAL CODE
SECTION 16900-16906



16900.  (a) The commissioner may bring an action in the name of the
people of this state in the superior court to enjoin any violation
of, to enforce compliance with, or to collect any penalty or other
liability imposed under this division or any regulation or order
issued under this chapter. Upon a proper showing, a permanent or
preliminary injunction, restraining order, or writ of mandate shall
be granted, and a monitor, receiver, conservator, or other designated
fiduciary or officer of the court may be granted as appropriate.
   (b) A receiver, monitor, conservator, or other designated
fiduciary officer of the court appointed by the court pursuant to
this section may, with the approval of the court, exercise all of the
powers of the defendant's officers, directors, partners, trustees,
or persons who exercise similar powers and perform similar duties,
including the filing of a petition for bankruptcy. No action at law
or in equity may be maintained by any party against the commissioner,
or a receiver, monitor, conservator, or other designated fiduciary
or officer of the court by reason of their exercising these powers or
performing these duties pursuant to the order of, or with the
approval of, the court.
   (c) If the commissioner finds that it is in the public interest,
the commissioner may include in a claim for restitution,
disgorgement, or damages on behalf of the person injured by the act
or practice constituting the subject matter of the action, and the
court shall have jurisdiction to award ancillary relief.
   (d) The provisions of this section that authorize the commissioner
to bring actions and seek relief are not intended to, and do not,
affect any right that any other person may have to bring the same or
similar actions or to seek the same or similar relief.



16900.5.  (a) If the commissioner finds that any person has
violated, or that there is reasonable cause to believe that any
person is about to violate, Section 16020, the commissioner may order
the person to cease and desist from the violation unless and until
the person is issued a license.
   (b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the person to whom the order is directed may file
with the commissioner an application for a hearing on the order. If
the commissioner fails to commence a hearing within 15 business days
after the application is filed with him or her (or within such longer
period to which the person consents), the order shall be deemed
rescinded. At the hearing the commissioner shall affirm, modify, or
rescind the order.
   (2) The right of any person, to whom an order is issued under
subdivision (a), to petition for judicial review of the order shall
not be affected by the failure of the person to apply to the
commissioner for a hearing on the order pursuant to paragraph (1).




16901.  If, after notice and hearing, the commissioner finds that
any person has violated any provision of this chapter or of any
regulation or order issued under this chapter, the commissioner may
order the person to pay to the commissioner a civil penalty imposed
pursuant to Section 216.3.



16902.  If, after notice and hearing, the commissioner finds any of
the following with respect to a foreign (other nation) credit union
that is licensed to maintain an office, the commissioner may issue an
order suspending or revoking the license of the foreign (other
nation) credit union.
   (a) That the foreign (other nation) credit union has violated a
provision of this division or of any regulation or order issued under
this division or a provision of any other applicable law,
regulation, or order.
   (b) That the foreign (other nation) credit union is transacting
the business in this state or elsewhere in an unsafe or unsound
manner.
   (c) That the foreign (other nation) credit union is in unsafe or
unsound condition.
   (d) That the foreign (other nation) credit union has ceased to
operate its office.
   (e) That the foreign (other nation) credit union is insolvent in
that it has ceased to pay its debts in the ordinary course of
business, it cannot pay its debts as they become due, or its
liabilities exceed its assets.
   (f) That the foreign (other nation) credit union has suspended
payment of its obligations, has made an assignment for the benefit of
its creditors, or has admitted in writing its inability to pay its
debts as they become due.
   (g) That the foreign (other nation) credit union is the subject of
an order for relief in bankruptcy or has sought other relief under
any bankruptcy, reorganization, insolvency, or moratorium law, or
that any person has applied for such relief under any such law
against the foreign (other nation) credit union, and the foreign
(other nation) credit union has by any affirmative act approved of or
consented to the action or the relief has been granted.
   (h) That a receiver, liquidator, or conservator has been appointed
for the foreign (other nation) credit union or that any proceeding
for an appointment or any similar proceeding has been initiated in
the home country of the foreign (other nation) credit union.
   (i) That the existence of the foreign (other nation) credit union
or the authority of the foreign (other nation) credit union to
transact banking business under the laws of the home country of the
foreign (other nation) credit union has been suspended or terminated.
   (j) That any fact or condition exists that, if it had existed at
the time when the foreign (other nation) credit union applied for
approval to transact business in this state, would have been grounds
for denying the application.



16903.  (a) If the commissioner finds that any of the factors set
forth in Section 16902 is true with respect to any foreign (other
nation) credit union that is licensed to maintain an office and that
it is necessary for the protection of the interests of creditors of
the foreign (other nation) credit union's business in this state or,
in any case, for the protection of the public interest that the
commissioner immediately suspend or revoke the license of the foreign
(other nation) credit union, the commissioner may issue an order
suspending or revoking the license of the foreign (other nation)
credit union.
   (b) (1) Within 30 days after an order is issued pursuant to
subdivision (a), the foreign (other nation) credit union to which the
order is issued may file with the commissioner an application for a
hearing on the order. If the commissioner fails to commence the
hearing within 15 business days after the application is filed with
the commissioner (or within any longer period to which the foreign
(other nation) credit union consents), the order shall be deemed
rescinded. Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order; otherwise, the order shall be
deemed rescinded.
   (2) The right of any foreign (other nation) credit union to which
an order is issued under subdivision (a) to petition for judicial
review of the order shall not be affected by the failure of the
foreign (other nation) credit union to apply to the commissioner for
a hearing on the order pursuant to paragraph (1).



16904.  Any foreign (other nation) credit union whose license to
maintain an office is suspended or revoked shall immediately
surrender the license to the commissioner.



16905.  (a) Any foreign (other nation) credit union to which an
order is issued under Section 16902 and 16903 may apply to the
commissioner to modify or rescind the order. The commissioner shall
not grant the application unless the commissioner finds that it is in
the public interest to do so and that it is reasonable to believe
that the foreign (other nation) credit union will, if and when it is
again authorized to maintain an office, comply with all applicable
provisions of this division and of any regulation or order issued
under this division.
   (b) The right of any foreign (other nation) credit union to which
an order is issued under Section 16902 or 16903 to petition for
judicial review of the order shall not be affected by the failure of
the foreign (other nation) credit union to apply to the commissioner
pursuant to subdivision (a) to modify or rescind the order.




16906.  (a) If the commissioner finds that any of the factors set
forth in Section 16902 is true with respect to any foreign (other
nation) credit union which is authorized to transact business in this
state and that it is necessary for the protection of the interests
of the creditors of the business of the foreign (other nation) credit
union in this state or for the protection of the public interest
that he or she take immediate possession of the property and business
of the foreign (other nation) credit union, the commissioner may by
order forthwith take possession of the property and business of the
foreign (other nation) credit union and retain possession until the
foreign (other nation) credit union resumes business in this state or
is finally liquidated. The foreign (other nation) credit union may,
with the consent of the commissioner, resume business in this state
under the conditions as the commissioner may prescribe.
   (b) (1) Whenever the commissioner takes possession of the property
and business of a foreign (other nation) credit union pursuant to
subdivision (a), the foreign (other nation) credit union may, within
10 days, apply to the superior court in the county in which the
primary office in this state of the foreign (other nation) credit
union is located to enjoin further proceedings. The court may, after
citing the commissioner to show cause why further proceedings should
not be enjoined and after a hearing, dismiss the application or
enjoin the commissioner from further proceedings and order him or her
to surrender the property and business of the foreign (other nation)
credit union to the foreign (other nation) credit union or make any
further order as may be just.
   (2) The judgment of the court may be appealed by the commissioner
or by the foreign (other nation) credit union in the manner provided
by law for appeals from the judgment of a superior court to the court
of appeal. In case the commissioner appeals the judgment of the
court, the appeal shall operate as a stay of the judgment, and the
commissioner shall not be required to post any bond.
   (c) Whenever the commissioner takes possession of the property and
business of a foreign (other nation) credit union pursuant to
subdivision (a), the commissioner shall conserve or liquidate the
property and business of the foreign (other nation) credit union in
accordance with Sections 14301 to 14304, inclusive.
   (d) When the commissioner has completed the liquidation of the
property and business of a foreign (other nation) credit union in
this state, the commissioner shall transfer any remaining assets to
the foreign (other nation) credit union in accordance with any order
the court may issue. However, in case the foreign (other nation)
credit union has an office in another state of the United States
which is in liquidation and the assets of that office appear to be
insufficient to pay in full the creditors of that office, the court
shall order the commissioner to transfer to the liquidator of that
office the amount of any remaining assets as appears to be necessary
to cover the insufficiency. If there are two or more offices and the
amount of remaining assets is less than the aggregate amount of
insufficiencies with respect to those offices, the court shall order
the commissioner to distribute the remaining assets among the
liquidators of the offices in the manner as the court determines is
equitable.

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