1. The authority to issue an order under section 361.260 which requires a corporation or any director, officer, employee, agent, or other
person participating in the conduct of the affairs of such corporation to take affirmative
action to correct any conditions resulting from any violation or practice with respect
to which such order is issued includes the authority to require such corporation or
such person to:
(1) Make restitution or provide reimbursement, indemnification, or guarantee against
(a) Such corporation or such person was unjustly enriched in connection with such
violation or practice; or
(b) The violation or practice involved a reckless disregard for the law or any applicable
regulations or prior order of the director;
(2) Restrict the growth of the corporation;
(3) Dispose of any loan or asset involved;
(4) Rescind agreements or contracts;
(5) Employ qualified officers or employees, who may be subject to approval by the
(6) Take such other action as the director determines to be appropriate.
2. The authority to issue an order under section 361.260 includes the authority to place limitations on the activities or functions of the
corporation or any director, officer, employee, agent, or other person participating
in the conduct of the affairs of such corporation.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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