26-1115. Engaging in unsafe or unsound practices -- Cease and desist orders -- Injunction. (1) If, in the opinion of the director of the department of finance, any bank is engaging or has engaged, or the director has reasonable cause to believe that the bank is about to engage in an unsafe or unsound practice in conducting the business of such bank, or is violating or has violated, or the director has reasonable cause to believe that the bank is about to violate a law, rule, or any condition imposed in writing by the director in connection with the granting of any application or other request by the bank or any written agreement entered into with the director, the director may issue and serve upon the bank a notice of charges in respect thereof. The notice shall contain a statement of the facts constituting the alleged violation or violations or the unsafe or unsound practice or practices, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the bank. Such hearing shall be fixed for a date not earlier than twenty (20) days nor later than sixty (60) days after service of such notice unless an earlier or a later date is set by the department of finance at the request of the bank. Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order. In the event of such consent, or if upon the record made at the hearing, the director shall find that any violation or unsafe or unsound practice has occurred or will occur, the director may issue and serve upon the bank an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or otherwise, require the bank and its directors, officers, employees, and agents to cease and desist from the same and further to take affirmative action to correct the conditions resulting from any such violation or practice.
(2) A cease and desist order shall become effective at the time specified therein and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
(3) Whenever the director of the department of finance shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the bank pursuant to subsection (a) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the bank, or is likely to otherwise seriously prejudice the interests of its depositors, the director may issue a temporary order requiring the bank to cease and desist from any such violation or practice. Such order shall become effective upon service upon the bank and, unless set aside, limited, or suspended by a court in proceedings, authorized by subsection (b) of this section, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the director shall dismiss the charges specified in such notice, or if a cease and desist order is issued against the bank, until the effective date of any such order.
(4) Within ten (10) days after the bank concerned has been served with a temporary cease and desist order, the bank may apply to the district court for the judicial district in which the home office of the bank is located, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the bank under subsection (a) of this section, and such court shall have jurisdiction to issue such injunction.
(5) In the case of violation or threatened violation of, or failure to obey, a temporary cease and desist order issued pursuant to subsection (a) of this section, the director of the department of finance may apply to the district court within the jurisdiction of which the home office of the bank is located, for an injunction to enforce such order, and if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue an injunction.
26-1115. Engaging in unsafe or unsound practices -- Cease and desist orders -- Injunction. (1) If, in the opinion of the director of the department of finance, any bank is engaging or has engaged, or the director has reasonable cause to believe that the bank is about to engage in an unsafe or unsound practice in conducting the business of such bank, or is violating or has violated, or the director has reasonable cause to believe that the bank is about to violate a law, rule, or any condition imposed in writing by the director in connection with the granting of any application or other request by the bank or any written agreement entered into with the director, the director may issue and serve upon the bank a notice of charges in respect thereof. The notice shall contain a statement of the facts constituting the alleged violation or violations or the unsafe or unsound practice or practices, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the bank. Such hearing shall be fixed for a date not earlier than twenty (20) days nor later than sixty (60) days after service of such notice unless an earlier or a later date is set by the department of finance at the request of the bank. Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order. In the event of such consent, or if upon the record made at the hearing, the director shall find that any violation or unsafe or unsound practice has occurred or will occur, the director may issue and serve upon the bank an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or otherwise, require the bank and its directors, officers, employees, and agents to cease and desist from the same and further to take affirmative action to correct the conditions resulting from any such violation or practice.
(2) A cease and desist order shall become effective at the time specified therein and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
(3) Whenever the director of the department of finance shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the bank pursuant to subsection (a) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the bank, or is likely to otherwise seriously prejudice the interests of its depositors, the director may issue a temporary order requiring the bank to cease and desist from any such violation or practice. Such order shall become effective upon service upon the bank and, unless set aside, limited, or suspended by a court in proceedings, authorized by subsection (b) of this section, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the director shall dismiss the charges specified in such notice, or if a cease and desist order is issued against the bank, until the effective date of any such order.
(4) Within ten (10) days after the bank concerned has been served with a temporary cease and desist order, the bank may apply to the district court for the judicial district in which the home office of the bank is located, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the bank under subsection (a) of this section, and such court shall have jurisdiction to issue such injunction.
(5) In the case of violation or threatened violation of, or failure to obey, a temporary cease and desist order issued pursuant to subsection (a) of this section, the director of the department of finance may apply to the district court within the jurisdiction of which the home office of the bank is located, for an injunction to enforce such order, and if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue an injunction.
26-1115. Engaging in unsafe or unsound practices -- Cease and desist orders -- Injunction. (1) If, in the opinion of the director of the department of finance, any bank is engaging or has engaged, or the director has reasonable cause to believe that the bank is about to engage in an unsafe or unsound practice in conducting the business of such bank, or is violating or has violated, or the director has reasonable cause to believe that the bank is about to violate a law, rule, or any condition imposed in writing by the director in connection with the granting of any application or other request by the bank or any written agreement entered into with the director, the director may issue and serve upon the bank a notice of charges in respect thereof. The notice shall contain a statement of the facts constituting the alleged violation or violations or the unsafe or unsound practice or practices, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the bank. Such hearing shall be fixed for a date not earlier than twenty (20) days nor later than sixty (60) days after service of such notice unless an earlier or a later date is set by the department of finance at the request of the bank. Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order. In the event of such consent, or if upon the record made at the hearing, the director shall find that any violation or unsafe or unsound practice has occurred or will occur, the director may issue and serve upon the bank an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or otherwise, require the bank and its directors, officers, employees, and agents to cease and desist from the same and further to take affirmative action to correct the conditions resulting from any such violation or practice.
(2) A cease and desist order shall become effective at the time specified therein and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
(3) Whenever the director of the department of finance shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the bank pursuant to subsection (a) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the bank, or is likely to otherwise seriously prejudice the interests of its depositors, the director may issue a temporary order requiring the bank to cease and desist from any such violation or practice. Such order shall become effective upon service upon the bank and, unless set aside, limited, or suspended by a court in proceedings, authorized by subsection (b) of this section, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the director shall dismiss the charges specified in such notice, or if a cease and desist order is issued against the bank, until the effective date of any such order.
(4) Within ten (10) days after the bank concerned has been served with a temporary cease and desist order, the bank may apply to the district court for the judicial district in which the home office of the bank is located, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the bank under subsection (a) of this section, and such court shall have jurisdiction to issue such injunction.
(5) In the case of violation or threatened violation of, or failure to obey, a temporary cease and desist order issued pursuant to subsection (a) of this section, the director of the department of finance may apply to the district court within the jurisdiction of which the home office of the bank is located, for an injunction to enforce such order, and if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue an injunction.
