9-1716.   Powers of commissioner; order restricting declaration andpayment of dividends; appeal from order to state banking board, notice and hearing.If the state bank commissioner shall determine that the condition of anybank is such that dividends should not be declared and paid upon itscapital stock or that such dividends should be declared and paid onlysubject to certain conditions, the commissioner shall render an order inaccordance with the provisions of K.S.A. 77-536 and amendments thereto thatno such dividends be declared and paid or that such dividends be declaredand paid only subject to certain conditions. The board of directors of thebank shall comply with such order until such time as it is rescinded ormodified by the commissioner by subsequent order served upon the bank or bythe state banking board upon appeal. Within 15 days after receiving noticeof the order, the bank shall have the right to appeal in writing to theboard from the commissioner's determination and order by filing a notice ofappeal with the commissioner, and thereupon the board shall fix a date fora hearing, which hearing shall be held within 30 days from the date suchnotice of appeal is filed. The board shall conduct the hearing inaccordance with the provisions of the Kansas administrative procedure actand render its order affirming, modifying or rescinding the order of thecommissioner, and the order of the board shall be final and conclusive andshall be complied with by the board of directors of the bank.

      History:   L. 1975, ch. 44, § 2; L. 1988, ch. 356, § 41; July 1, 1989.