Section 361.264

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 1985   

  361.264.  Notice of intention to remove or prohibit participation, content — hearing, failure to appear, effect — order issued when, effective when. — A notice of intention to remove a director, officer, or other person from office or to prohibit his participation in the conduct of the affairs of a corporation shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon.  Unless such director, officer, or other person shall appear at the hearing in person, or by a duly authorized representative, he shall be deemed to have consented to the issuance of an order of such removal or prohibition.  In the event of such consent or if upon the record made at any such hearing the director shall find that any of the grounds specified in such notice have been established, the director may issue such orders of suspension or removal from office, or prohibition from participation in the conduct of the affairs of the corporation, as he may deem appropriate.  Any such order shall become effective at the expiration of thirty days after service upon such corporation and the director, officer, or other person concerned (except in the case of an order issued upon consent, which shall become effective at the time specified therein).  Such order shall remain effective and enforceable except to such extent as it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.

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(L. 1985 H.B. 408 § 361.265 subsec. 4)