Missouri Revised Statutes













Chapter 370

Credit Unions

←370.162

Section 370.163.1

370.164→

August 28, 2015

Suspension of director or officer permitted, when, procedure.

370.163. Whenever a director or officer of a credit union, or other

person participating in the conduct of the affairs of such credit union, is

charged in any information or complaint authorized by a prosecuting

attorney or a United States attorney, or in any indictment, with the

commission of or participation in a crime involving dishonesty or breach of

trust which is punishable by imprisonment for a term exceeding one year

under state or federal law, the director may, if continued service or

participation by the individual may pose a threat to the interests of the

credit union's members or may threaten to impair the confidence in the

credit union, by written notice served upon such director, officer, or

other person, suspend him or her from office or prohibit him or her from

further participation in any manner in the conduct of the affairs of the

credit union. A copy of such notice shall also be served upon the credit

union. Such suspension or prohibition shall remain in effect until such

information, indictment or complaint is finally disposed of or until

terminated by the director. In the event that a judgment of conviction

with respect to such crime is entered against such director, officer, or

other person, and at such time as such judgment is not subject to further

appellate review, the director may, if continued service or participation

by the individual may pose a threat to the interests of the credit union's

members or may threaten to impair public confidence in the credit union,

initiate action to remove such officer as described in subsection 1 of

section 370.157.



(L. 2011 S.B. 306)







Top



Missouri General Assembly



Copyright © Missouri Legislature, all rights reserved.