Colorado Revised Statutes Title 11. Financial Institutions § 11-44-106.5. Suspension or removal of directors, officers, or employees--penalty

(1)(a) The commissioner may suspend or remove any director, officer, or employee of an association who in the opinion of the commissioner has:

(b) The commissioner may suspend or remove any director, officer, or employee of an association who, under the laws of this state, the United States, or any other state or territory of the United States:

(2)(a) The commissioner shall send written notice by certified mail, return receipt requested, to any person affected by subsection (1) of this section, at least ten days prior to a hearing held pursuant to section 24-4-105, C.R.S., at which the commissioner shall preside.

(b) If the commissioner determines that a specific case involves extraordinary circumstances that require immediate action, the commissioner may suspend or remove a person under subsection (1) of this section without notice or a hearing, but the commissioner shall conduct a hearing under section 24-4-105 within thirty days after the suspension or removal.

(c) Any person who performs any duty or who exercises any power of a domestic savings and loan association after receipt of a suspension or removal order under subsection (1) of this section commits a class 2 misdemeanor and shall be punished as provided in section 18-1.3-501.

(d) In extraordinary circumstances, upon order of the commissioner, any hearing conducted pursuant to this section shall be exempt from any provision of law requiring that proceedings of the commissioner be conducted publicly. Such extraordinary circumstances occur when specific concern arises about prompt withdrawal of moneys from the institution.