51A-15-11. Director's authority to suspend activities and take possession of bank--Grounds.
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/sd/title-51/chapter-51-15/51a-15-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds:
(1)The bank's capital is impaired or the bank is otherwise in an unsound condition;
(2)The bank's business is being conducted in an unlawful or unsound manner;
(3)The bank is unable to continue normal operations;
(4)The bank refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-18 ;
(5)The bank places its affairs and assets under the control of the director;
(6)A parent corporation refuses to permit, obstructs, or impedes an examination as provided in § 51A-2-37 ;
(7)The bank is insolvent; or
(8)The bank's insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. § 1818(a), as of January 1, 2015.