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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

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  369.338.  Cease and desist orders, period of supervision, when, procedure, duties of association — costs, how fixed and paid. — If, in connection with any cease and desist order issued pursuant to this chapter, the director of the division of finance requests the consent of the board of directors of the association to the placing of the association under supervisory control of the director, and a majority of such board affirmatively consents to such request, the director may appoint an examiner, deputy director, attorney or other employee of the division to supervise or monitor the operation of the association during the period of supervision to which consent has been given.  During the period of supervision, the association, its directors, and officers shall act in accordance with such instructions and directions as may be given by the director through the director's supervisory agent and shall not act or fail to act except in compliance with such cease and desist order without the prior approval of such supervisory agent or the director.  No director, officer, or employee shall incur any liability of any kind or to any person for so acting or for so failing to act.  Costs incident to such supervision shall be fixed by the director and paid by the association pursuant to this chapter.

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(L. 1983 H.B. 570, A.L. 1994 H.B. 1165)

Effective 7-06-94


---- end of effective   06 Jul 1994 ----

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