§ 54B‑69. Removal ofdirectors, officers and employees.
(a) If, in theCommissioner of Banks' opinion, one or more directors, officers or employees ofany association has participated in or consented to any violation of thisChapter, or any other law, rule, regulation or order, or any unsafe or unsoundbusiness practice in the operation of any association; or any insider loan notspecifically authorized by or pursuant to this Chapter; or any repeatedviolation of or failure to comply with any association's bylaws, theCommissioner of Banks may serve a written notice of charges upon the director,officer or employee in question, and the association, stating his intent toremove said director, officer or employee. Such notice shall specify theconduct and place for the hearing before the Commission to be held. A hearingshall be held no earlier than 15 days and no later than 30 days after thenotice of charges is served, and it shall comply with the provisions of Article3 of Chapter 150B of the General Statutes. If, after the hearing, theCommission determines that the charges asserted have been proven by apreponderance of the evidence, the Commissioner of Banks may issue an orderremoving the director, officer or employee in question. Such an order shall be effectiveupon issuance and may include the entire board of directors or all of theofficers of the association.
(b) If it is determinedthat any director, officer or employee of any association has knowinglyparticipated in or consented to any violation of this Chapter, or any otherlaw, rule, regulation or order, or engaged in any unsafe or unsound businesspractice in the operation of any association, or any repeated violation of orfailure to comply with any association's bylaws, and that as a result, asituation exists requiring immediate corrective action, the Commissioner ofBanks may issue an order temporarily removing such person or persons pending ahearing. Such an order shall state its duration on its face and the words,"Temporary Order of Removal," and shall be effective upon issuance,for a period of 15 days, and may be extended once for a period of 15 days. Ahearing must be held within 10 days of the expiration of a temporary order, orany extension thereof, at which time a temporary order may be dissolved orconverted to a permanent order.
(c) Any removalpursuant to subsections (a) or (b) of this section shall be effective in allrespects as if such removal had been made by the board of directors, themembers or the stockholders of the association in question.
(d) Without the priorwritten approval of the Commissioner of Banks, no director, officer or employeepermanently removed pursuant to this section shall be eligible to be elected,reelected or appointed to any position as a director, officer or employee ofthat association, nor shall such a director, officer or employee be eligible tobe elected to or retain a position as a director, officer or employee of anyother State association. (1981, c. 282, s. 3; 1987, c. 827, s. 1; 2001‑193,s. 16.)
§ 54B‑69. Removal ofdirectors, officers and employees.
(a) If, in theCommissioner of Banks' opinion, one or more directors, officers or employees ofany association has participated in or consented to any violation of thisChapter, or any other law, rule, regulation or order, or any unsafe or unsoundbusiness practice in the operation of any association; or any insider loan notspecifically authorized by or pursuant to this Chapter; or any repeatedviolation of or failure to comply with any association's bylaws, theCommissioner of Banks may serve a written notice of charges upon the director,officer or employee in question, and the association, stating his intent toremove said director, officer or employee. Such notice shall specify theconduct and place for the hearing before the Commission to be held. A hearingshall be held no earlier than 15 days and no later than 30 days after thenotice of charges is served, and it shall comply with the provisions of Article3 of Chapter 150B of the General Statutes. If, after the hearing, theCommission determines that the charges asserted have been proven by apreponderance of the evidence, the Commissioner of Banks may issue an orderremoving the director, officer or employee in question. Such an order shall be effectiveupon issuance and may include the entire board of directors or all of theofficers of the association.
(b) If it is determinedthat any director, officer or employee of any association has knowinglyparticipated in or consented to any violation of this Chapter, or any otherlaw, rule, regulation or order, or engaged in any unsafe or unsound businesspractice in the operation of any association, or any repeated violation of orfailure to comply with any association's bylaws, and that as a result, asituation exists requiring immediate corrective action, the Commissioner ofBanks may issue an order temporarily removing such person or persons pending ahearing. Such an order shall state its duration on its face and the words,"Temporary Order of Removal," and shall be effective upon issuance,for a period of 15 days, and may be extended once for a period of 15 days. Ahearing must be held within 10 days of the expiration of a temporary order, orany extension thereof, at which time a temporary order may be dissolved orconverted to a permanent order.
(c) Any removalpursuant to subsections (a) or (b) of this section shall be effective in allrespects as if such removal had been made by the board of directors, themembers or the stockholders of the association in question.
(d) Without the priorwritten approval of the Commissioner of Banks, no director, officer or employeepermanently removed pursuant to this section shall be eligible to be elected,reelected or appointed to any position as a director, officer or employee ofthat association, nor shall such a director, officer or employee be eligible tobe elected to or retain a position as a director, officer or employee of anyother State association. (1981, c. 282, s. 3; 1987, c. 827, s. 1; 2001‑193,s. 16.)
§ 54B‑69. Removal ofdirectors, officers and employees.
(a) If, in theCommissioner of Banks' opinion, one or more directors, officers or employees ofany association has participated in or consented to any violation of thisChapter, or any other law, rule, regulation or order, or any unsafe or unsoundbusiness practice in the operation of any association; or any insider loan notspecifically authorized by or pursuant to this Chapter; or any repeatedviolation of or failure to comply with any association's bylaws, theCommissioner of Banks may serve a written notice of charges upon the director,officer or employee in question, and the association, stating his intent toremove said director, officer or employee. Such notice shall specify theconduct and place for the hearing before the Commission to be held. A hearingshall be held no earlier than 15 days and no later than 30 days after thenotice of charges is served, and it shall comply with the provisions of Article3 of Chapter 150B of the General Statutes. If, after the hearing, theCommission determines that the charges asserted have been proven by apreponderance of the evidence, the Commissioner of Banks may issue an orderremoving the director, officer or employee in question. Such an order shall be effectiveupon issuance and may include the entire board of directors or all of theofficers of the association.
(b) If it is determinedthat any director, officer or employee of any association has knowinglyparticipated in or consented to any violation of this Chapter, or any otherlaw, rule, regulation or order, or engaged in any unsafe or unsound businesspractice in the operation of any association, or any repeated violation of orfailure to comply with any association's bylaws, and that as a result, asituation exists requiring immediate corrective action, the Commissioner ofBanks may issue an order temporarily removing such person or persons pending ahearing. Such an order shall state its duration on its face and the words,"Temporary Order of Removal," and shall be effective upon issuance,for a period of 15 days, and may be extended once for a period of 15 days. Ahearing must be held within 10 days of the expiration of a temporary order, orany extension thereof, at which time a temporary order may be dissolved orconverted to a permanent order.
(c) Any removalpursuant to subsections (a) or (b) of this section shall be effective in allrespects as if such removal had been made by the board of directors, themembers or the stockholders of the association in question.
(d) Without the priorwritten approval of the Commissioner of Banks, no director, officer or employeepermanently removed pursuant to this section shall be eligible to be elected,reelected or appointed to any position as a director, officer or employee ofthat association, nor shall such a director, officer or employee be eligible tobe elected to or retain a position as a director, officer or employee of anyother State association. (1981, c. 282, s. 3; 1987, c. 827, s. 1; 2001‑193,s. 16.)
