81-12-179 - Order of discontinuance of violation; enforcement in chancery court.
§ 81-12-179. Order of discontinuance of violation; enforcement in chancery court.
If the commissioner, as a result of any examination or from any report made to him, shall find that any association is violating the provisions of its certificate of incorporation or bylaws, or the laws of this state or of the United States, or any lawful order or regulation of the commissioner, he shall, by a formal written order delivered to the association as aforesaid, state any alleged violation, together with a statement of the facts alleged to be such violation, and order discontinuance of such violation and conformance with all requirements of law. Such order shall specify the effective date thereof, which may be immediate or may be at a later date, and such order shall remain in effect until withdrawn by the commissioner or until terminated by a court order. Such order of the commissioner, upon application made on or after the effective date thereof by the commissioner to the chancery court in the county in which the home office of the association is located, shall be enforced ex parte and without notice by an order to comply entered by the court. Such proceedings shall be given precedence over all cases pending in such court, and shall in every way be expedited. Any association affected by such order of the commissioner shall, after receipt thereof, have the right to apply within thirty (30) days to any such court for an immediate hearing and order suspending the order of the commissioner upon such conditions as may be prescribed by the court until such time as the hearing has been completed. The hearing of such application to the court shall be upon such notice to the commissioner as the court shall provide. Whether upon application by the commissioner or by the association, such court shall have power to and shall adjudicate the question and enter the proper order or orders and enforce the same.
Sources: Laws, 1977, ch. 445, § 55(1); reenacted, 1982, ch. 301, § 90; Laws, 1990 Ex Sess, ch. 52, § 92; Laws, 1993, ch. 441, § 93; reenacted and amended, 1994, ch. 622, § 125; reenacted without change, Laws, 1997, ch. 496, § 90; reenacted without change, Laws, 2001, ch. 488, § 92, eff from and after July 1, 2001.