369.338. Cease and desist orders, period of supervision, when, procedure, duties of association--costs, how fixed and paid.
Cease and desist orders, period of supervision, when, procedure,duties of association--costs, how fixed and paid.
369.338. If, in connection with any cease and desist orderissued pursuant to this chapter, the director of the division offinance requests the consent of the board of directors of theassociation to the placing of the association under supervisorycontrol of the director, and a majority of such boardaffirmatively consents to such request, the director may appointan examiner, deputy director, attorney or other employee of thedivision to supervise or monitor the operation of the associationduring the period of supervision to which consent has been given.During the period of supervision, the association, its directors,and officers shall act in accordance with such instructions anddirections as may be given by the director through the director'ssupervisory agent and shall not act or fail to act except incompliance with such cease and desist order without the priorapproval of such supervisory agent or the director. No director,officer, or employee shall incur any liability of any kind or toany person for so acting or for so failing to act. Costsincident to such supervision shall be fixed by the director andpaid by the association pursuant to this chapter.
(L. 1983 H.B. 570, A.L. 1994 H.B. 1165)Effective 7-6-94