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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

previous next Effective - 06 Jul 1994, see footnotebottom

  369.339.  Director to take over association, when — procedure. — 1.  If the director of the division of finance finds, as a result of any examination or from any report made to the director or to any association, that the association is violating the provisions of its articles of incorporation, its bylaws or any law of this state, or is conducting its business in an unsafe or injurious manner, the director may by an order addressed to such association direct a discontinuance of such violations or unsafe or injurious practices and require conformity with all of the requirements of law.

  2.  The director may demand and take possession of the property, business and assets of an association if any of the following occur:

  (1)  The association does not comply with the order given pursuant to subsection 1 of this section within the time specified therein;

  (2)  It appears to the director that the association is in an unsafe condition or is conducting its business in an unsafe or injurious manner such as to render its further proceeding hazardous to the public or to any or all its savings account holders;

  (3)  The director finds that the association's assets are impaired to such an extent that after deducting all liabilities other than to its savings account holders they do not equal or exceed the sum of the withdrawal value of all its savings accounts; or

  (4)  The association refuses to submit its books, papers and accounts to the inspection of the director or any of the director's examiners.

  3.  The director may retain possession of the property, business and assets of an association until the association resumes business with the consent of and subject to the conditions imposed by the director or until its affairs are liquidated.  The director shall permit the association to resume business if at any time during the director's possession of the association's property, business and assets the director finds that the association is in a condition safely to resume business.

  4.  Whenever the director takes possession pursuant to this section, the association may within ten days after the taking of possession commence an action in the circuit court of the county in which the principal office of the association is located to enjoin further proceedings.  The court, after citing the director to show cause why further proceedings should not be enjoined, hearing the allegations and proofs of the parties, and determining the facts, may upon the merits dismiss such action, or may enjoin the director from further proceeding and direct the director to surrender the business, property and assets of the association.  An appeal from a judgment enjoining the director from further proceedings and directing the director to surrender the business, property and assets to the association does not operate as a stay of the judgment unless the circuit court in its discretion so orders.  If an appeal from the judgment is taken by the director, no bond need be given.  If the judgment dismisses the action, an appeal therefrom does not operate as a stay of the judgment, but the court rendering such judgment may in its discretion enjoin the director, pending the appeal, from further proceedings and direct the director, pending the appeal, to surrender such business, property and assets to the association if a bond in an amount required by the court is given.

  5.  If the director's demand for the possession of the property, business and assets is not complied with within twenty-four hours after service of the demand, the director may call to the director's assistance the sheriff of the county in which the principal place of business of such association is located, by giving the sheriff written demand.  The sheriff shall enforce the demand of the director.

  6.  When the director takes possession of the property, business and assets of any association, the president and secretary of the association shall make a verified schedule of all its property, assets and collateral held by it as security for loans.  The president and secretary shall deliver the schedule, and possession of all property, assets and collateral not previously delivered, to the director.  The director may at any time examine under oath any president, secretary, officer, director, agent or employee of the association to determine whether or not all such property, assets or collateral have been transferred and delivered into the director's possession.

  7.  The director may issue subpoenas including subpoenas duces tecum and require the attendance of parties for examination.

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(L. 1971 S.B. 3 § 67, A.L. 1994 H.B. 1165)

Effective 7-06-94


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

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