31.12.644 - Supervision by director -- Certain acts prohibited.

Supervision by director — Certain acts prohibited.

During the period of supervisory direction, the director may prohibit the credit union from engaging in any of the following acts without prior approval:

     (1) Disposing of, conveying, or encumbering any of its assets;

     (2) Withdrawing any of its accounts at other financial institutions;

     (3) Lending any of its funds;

     (4) Investing any of its funds;

     (5) Transferring any of its property; or

     (6) Incurring any debt, obligation, or liability.

[1997 c 397 § 62.]