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2017 New Hampshire Revised Statutes
Title XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter 383-A - BANK AND CREDIT UNION REGULATORY AND ENFORCEMENT
Section 383-A:9-902 - Removal of Director or Officer by Commissioner.
Universal Citation: NH Rev Stat § 383-A:9-902 (2017)
383-A:9-902 Removal of Director or Officer by Commissioner. –
(a) If, in the opinion of the commissioner, any director or officer of a state bank or credit union has continued to violate any law relative to the state bank or credit union or has continued unsafe or unsound practices in conducting the business of the state bank or credit union after having been warned by the commissioner to discontinue the violations of law or the unsafe or unsound practices, then the commissioner may cause notice to be served upon the director or officer to show cause why the director or officer should not be removed from office.
(b) A copy of the show cause notice shall be sent by certified mail to the director or officer subject to removal and to each other director and officer of the state bank or credit union affected.
(c) If, after granting the director or officer a reasonable opportunity to be heard, the commissioner finds that the director or officer has continued to violate the law or has continued unsafe or unsound practices after having been warned, then the commissioner may order that the director or officer be removed from office.
(d) A person who, under subsection (c), has been removed from office as director or officer of a state bank or credit union shall not participate in any manner in the management or operation of any state bank or credit union without the prior consent of the commissioner.
(e) A person who, under subsection (c), has been removed from office as director or officer of a state bank or credit union may appeal a removal order under RSA 541. If appealed, the order of removal shall continue in effect, subject to a decision of a court of last resort upholding or reversing the order.
(b) A copy of the show cause notice shall be sent by certified mail to the director or officer subject to removal and to each other director and officer of the state bank or credit union affected.
(c) If, after granting the director or officer a reasonable opportunity to be heard, the commissioner finds that the director or officer has continued to violate the law or has continued unsafe or unsound practices after having been warned, then the commissioner may order that the director or officer be removed from office.
(d) A person who, under subsection (c), has been removed from office as director or officer of a state bank or credit union shall not participate in any manner in the management or operation of any state bank or credit union without the prior consent of the commissioner.
(e) A person who, under subsection (c), has been removed from office as director or officer of a state bank or credit union may appeal a removal order under RSA 541. If appealed, the order of removal shall continue in effect, subject to a decision of a court of last resort upholding or reversing the order.
Source. 2015, 272:16, eff. Oct. 1, 2015.
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