§ 11-44-111 — Appeal from commissioner's action

When any association, of
whose property, business, and assets the commissioner has taken possession,
deems itself aggrieved thereby, it may appeal to the financial services board
pursuant to section 11-44-101.8 and receive expedited consideration as soon as
practicable, and if it has, within ten days after the commissioner took possession,
served written notice on the commissioner of its intention to seek to enjoin in court
the commissioner's further proceedings, it may apply at any time within thirty days
after such taking possession to the district court of the county in which the
principal office of the association is located to enjoin further proceedings. After
citing the commissioner to show cause why further proceedings should not be
enjoined and hearing the evidence of the parties and determining the facts, the
court may, upon the merits, dismiss such application or enjoin the commissioner
from further proceedings and direct the commissioner to surrender such business,
property, and assets to such association. An appeal from such judgment shall
operate as a stay from the commissioner's taking possession, and no bond need be
given if such appeal is taken by the commissioner; but, if such appeal is taken by
such association, a bond shall be given as required by the court.

Legislative History

Source: L. 33: p. 341, � 10. CSA: C. 25, � 56. CRS 53: � 122-6-11. C.R.S. 1963: � 122-5-11. L. 93: Entire section amended, p. 1452, � 11, effective June 6.