17:13-114 - Discontinuation of illegal activity;Ā order
17:13-114.Ā Discontinuation of illegal activity;Ā order
If it appears to the commissioner that any credit union has violated its certificate of incorporation, bylaws, or any law of this State, or if he determines that the credit union is conducting its business in an illegal unsafe, or unauthorized manner, he shall direct the credit union to discontinueĀ the illegal, unsafe, or unauthorized conduct of business.Ā The order shall beĀ sent to the president of the credit union.Ā The president shall present theĀ order to the board at its next regular meeting or at a special meeting if aĀ special meeting is ordered by the commissioner.Ā The action taken by the boardĀ with respect to the commissioner's order shall be communicated by the presidentĀ to the commissioner within five days.
L.1984, c. 171, s. 36, eff. Oct. 31, 1984.
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If it appears to the commissioner that any credit union has violated its certificate of incorporation, bylaws, or any law of this State, or if he determines that the credit union is conducting its business in an illegal unsafe, or unauthorized manner, he shall direct the credit union to discontinueĀ the illegal, unsafe, or unauthorized conduct of business.Ā The order shall beĀ sent to the president of the credit union.Ā The president shall present theĀ order to the board at its next regular meeting or at a special meeting if aĀ special meeting is ordered by the commissioner.Ā The action taken by the boardĀ with respect to the commissioner's order shall be communicated by the presidentĀ to the commissioner within five days.
L.1984, c. 171, s. 36, eff. Oct. 31, 1984.
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