JurisdictionCaliforniaCode FINFinancial Code - FIN
Div. 5.DIVISION 5. CREDIT UNIONS
Ch. 3.CHAPTER 3. Administration and Powers of the Commissioner
Art. 3.ARTICLE 3. Enforcement
This text of California § 14308. (14308. (Added by Stats. 2002, Ch. 734, Sec. 30.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
If, after notice and a hearing, the commissioner finds that any of the factors set forth in subdivision (a), any of the factors set forth in subdivision (b), and any of the factors set forth in subdivision (c) are true with respect to a subject person of a subject institution, the commissioner may issue an order suspending or removing the subject person from the subject person’s office, if any, with the subject institution and prohibiting the subject person from participating in any manner in the conduct of the affairs of the subject institution without the
approval of the commissioner:
(a)
(1)That the subject person has, directly or indirectly, violated any provision of this division, of any regulation or order issued under this division, of any other applicable law relating to the busi
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If, after notice and a hearing, the commissioner finds that any of the factors set forth in subdivision (a), any of the factors set forth in subdivision (b), and any of the factors set forth in subdivision (c) are true with respect to a subject person of a subject institution, the commissioner may issue an order suspending or removing the subject person from the subject person’s office, if any, with the subject institution and prohibiting the subject person from participating in any manner in the conduct of the affairs of the subject institution without the
approval of the commissioner:
(a)
(1)
That the subject person has, directly or indirectly, violated any provision of this division, of any regulation or order issued under this division, of any other applicable law relating to the business of the licensee, or of any written agreement with the commissioner.
(2)
That the subject person has, directly or indirectly, engaged or participated in any unsafe or unsound act in connection with the business of the subject institution or any other business institution.
(3)
That the subject person has, directly or indirectly, engaged or participated in any act which constitutes a breach of the subject person’s fiduciary duty.
(b)
That, by reason of the act, violation, or breach of fiduciary duty
described in subdivision (a) the following have occurred:
(1)
The subject institution or business institution has suffered or will probably suffer financial loss or other damage.
(2)
The interests of the members of the subject institution have been or could be prejudiced.
(3)
The subject person has received financial gain or other benefit.
(c)
That the act, violation, or breach of fiduciary duty described in subdivision (a) either involves dishonesty on the part of the subject person or demonstrates the subject person’s willful or continuing disregard for the safety or soundness of the subject institution or business institution.