Section 490.214 - Person charged with felony involving dishonesty or breach of trust; suspension from office or prohibition from participation in conduct of affairs; finding of not guilty or other dis
CREDIT UNION ACT (EXCERPT)
Act 215 of 2003
490.214 Person charged with felony involving dishonesty or breach of trust; suspension from office or prohibition from participation in conduct of affairs; finding of not guilty or other disposition.
Sec. 214.
(1) If a person participating in the conduct of the affairs of a domestic credit union is charged in any information, indictment, warrant, or complaint by a county, state, or federal authority with the commission of, or participation in, a felony involving dishonesty or breach of trust, the commissioner may by written notice served on the person suspend the person from office or prohibit the person from further participation in any manner in the conduct of the affairs of the domestic credit union. The commissioner shall also serve a copy of the suspension or prohibition on the domestic credit union. A suspension or prohibition is in effect until the information, indictment, warrant, or complaint is finally disposed of or until terminated by the commissioner.
(2) If a judgment of conviction with respect to an offense described in subsection (1) is entered against a person, after the judgment is not subject to further appellate review, the commissioner may issue an order removing the person from office or prohibiting the person from further participation in the conduct of the affairs of any domestic credit union. If an order described in this subsection is issued, the person must obtain the prior consent of the commissioner before participating in any manner in the conduct of the affairs of any domestic credit union.
(3) A person removed from office under subsection (2) is removed when a copy of the order is served upon the domestic credit union.
(4) A finding of not guilty or other disposition of the charge does not preclude the commissioner from instituting proceedings to suspend or remove a person from office or to prohibit further participation in the affairs of a domestic credit union under section 212(1), (2), or (3).
History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004