Supervision by director — Certain acts prohibited.

During the period of supervisory direction, the director may prohibit the credit union from engaging in any of the following acts without prior approval:

(1) Disposing of, conveying, or encumbering any of its assets;

(2) Withdrawing any of its accounts at other financial institutions;

(3) Lending any of its funds;

(4) Investing any of its funds;

(5) Transferring any of its property; or

(6) Incurring any debt, obligation, or liability.

[1997 c 397 § 62.]