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Idaho Statutes Title 26. Banks and Banking § 26-1114. Suspension or removal of directors, officers or employees--Prohibition of future employment

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) The director of the department of finance may issue a written order suspending or removing a director, officer or employee of a bank, bank holding company or trust institution, upon finding that the director, officer or employee:

(a) Has been dishonest or reckless in the performance of his official duties;

(b) Has breached his fiduciary duties to the bank, bank holding company or trust institution, in a manner that is likely to cause substantial loss to or seriously weaken the bank, bank holding company or trust institution;

(c) Has violated any provision of this title, any state or federal law or regulation pertaining to the business of the bank, bank holding company, or trust institution, or any order of the director of the department of finance;

(d) Has been convicted of any felony or a misdemeanor involving theft or dishonesty; or

(e) Has engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the bank, bank holding company or trust institution.

The order shall be issued pursuant to chapter 52, title 67, Idaho Code.

(2) In the event a director, officer or employee has been removed from office as set forth in this section, and the order has not been modified, rescinded or set aside, or if a person has been removed as a director, officer or employee of a bank, bank holding company or trust institution by a federal financial institution regulator or a financial institution regulator in another state, the person is prohibited from becoming employed by a bank, bank holding company or trust institution supervised by the director of the department of finance in this state, except as specifically permitted by the director of the department of finance.

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Cite this article: FindLaw.com - Idaho Statutes Title 26. Banks and Banking § 26-1114. Suspension or removal of directors, officers or employees--Prohibition of future employment - last updated January 01, 2024 | https://codes.findlaw.com/id/title-26-banks-and-banking/id-st-sect-26-1114/

Read this complete Idaho Statutes Title 26. Banks and Banking § 26-1114. Suspension or removal of directors, officers or employees--Prohibition of future employment on Westlaw. Westlaw subscription required.

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