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Indiana Code Title 28. Financial Institutions § 28-6.1-3-14

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 14. (a) The state comptroller may at any time, by an order under the seal of the state comptroller, for due cause stated in the order, suspend a trustee from the board.

(b) Upon the application of two-thirds ( 2/3 ) of the trustees of a savings bank setting forth good reasons for the action in regard to a trustee, the state comptroller shall issue the order.

(c) Upon issuing an order under this section, the state comptroller shall send a copy of the order to each of the following:

(1) The savings bank.  The order shall be entered in full in the minutes of the savings bank.

(2) To the suspended trustee.  Upon request of the trustee, the state comptroller shall send the original order to the trustee.

(3) To the judge of the court.

(d) The judge of the court, after giving proper notice to the trustee and an opportunity for the trustee to be heard in the trustee's defense, may vacate or confirm the order.  Confirmation of an order under this subsection operates to remove the trustee from office.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-6.1-3-14 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-6-1-3-14/

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