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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

previous next Effective - 30 Apr 1990, see footnotebottom

  361.261.  Authority to issue orders — includes certain other powers. — 1.  The authority to issue an order under section 361.260 which requires a corporation or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such corporation to take affirmative action to correct any conditions resulting from any violation or practice with respect to which such order is issued includes the authority to require such corporation or such person to:

  (1)  Make restitution or provide reimbursement, indemnification, or guarantee against loss if:

  (a)  Such corporation or such person was unjustly enriched in connection with such violation or practice; or

  (b)  The violation or practice involved a reckless disregard for the law or any applicable regulations or prior order of the director;

  (2)  Restrict the growth of the corporation;

  (3)  Dispose of any loan or asset involved;

  (4)  Rescind agreements or contracts;

  (5)  Employ qualified officers or employees, who may be subject to approval by the director; and

  (6)  Take such other action as the director determines to be appropriate.

  2.  The authority to issue an order under section 361.260 includes the authority to place limitations on the activities or functions of the corporation or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such corporation.

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(L. 1990 H.B. 1456)

Effective 4-30-90


---- end of effective   30 Apr 1990 ----

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