§ 11-102-506 — Suspension of director, officer, or other person

(1) The banking
board may suspend an executive officer, director, employee, agent, or other person
participating in the conduct of the affairs of a state bank who becomes ineligible to
hold such position, or who after receipt of an order of the banking board to cease
and desist violates this code or a lawful rule or order issued pursuant thereto, or
who is dishonest, or who is reckless or grossly incompetent in the conduct of
banking business, or who may be subject to removal under section 11-102-505. It
shall be a criminal offense for any such person, after receipt of a suspension order,
to perform any duty or exercise any power of any state bank until the banking
board vacates such suspension order. A suspension order shall specify the grounds
thereof. A copy of the order shall be sent to the bank concerned and to each
member of its board of directors.

(2) With respect to any action pursuant to this section, ten days' notice, by
certified mail, return receipt requested, and an opportunity for hearing shall be
provided to the bank affected, in advance of any action taken by the banking board.
In cases found by the banking board to involve extraordinary circumstances
requiring immediate action, the banking board may take such action, without notice
or hearing, but shall promptly afford a subsequent opportunity for hearing, upon
application to rescind the action taken.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1079, � 3, effective July 1.