17:13-114. Discontinuation of illegal activity; order
131 words·~1 min read·
/nj/title-17/chapter-13/17-13-114A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If it appears to the commissioner that any credit union has violated its certificate of incorporation, bylaws, or any law of this State, or if he determines that the credit union is conducting its business in an illegal unsafe, or unauthorized manner, he shall direct the credit union to discontinue the illegal, unsafe, or unauthorized conduct of business. The order shall be sent to the president of the credit union. The president shall present the order to the board at its next regular meeting or at a special meeting if a special meeting is ordered by the commissioner.
The action taken by the board with respect to the commissioner's order shall be communicated by the president to the commissioner within five days.
L.1984, c. 171, s. 36, eff. Oct. 31, 1984.