§ 308.130. Effective date of order and service on bank.
115 words·~1 min read·
/us/cfr/t12/s§ 308.130·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Effective date. A cease-and-desist order issued by the Board of Directors after a hearing, and a cease-and-desist order issued based upon a default, shall become effective at the expiration of 30 days after the service of the order upon the bank or its official. A cease-and-desist order issued upon consent shall become effective at the time specified therein. All cease-and-desist orders shall remain effective and enforceable, except to the extent they are stayed, modified, terminated, or set aside by the Board of Directors or its designee or by a reviewing court.
(b)Service on banks. In cases where the bank is not the respondent, the cease-and-desist order shall also be served upon the bank.