Section 8F: Injunction to restrain foreign credit union or out-of-state federal credit union from further proceeding with business
152 words·~1 min read·
/ma/part-i/title-xxii/chapter-171/8f·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8F. If, upon examination, it appears that a foreign credit union or out-of-state federal credit union is insolvent, or that its capital is impaired, or that its condition is such as to render the continuance of business hazardous to the public or to those having funds in its custody, the commissioner shall apply, or if any such credit union appears to have exceeded its powers or failed to comply with applicable law may apply, to the supreme judicial court, which shall have jurisdiction in equity on such application, to issue an injunction restraining the credit union, in whole or in part, from further proceeding with its business, and to make further orders or decrees as justice and equity may require.
The court may appoint 1 or more receivers to take possession of its property and effects, subject to such directions as may from time to time be prescribed by the court.