Effective - 28 Aug 2011
370.157. Director may remove officers, procedure. — 1. Whenever it shall appear to the director, from any examination made by him or her or her or his examiners, that any director, officer, or any other person participating in the conduct of the affairs of a credit union subject to this chapter has committed any violation of law or regulation or of a cease and desist order, or has violated any condition imposed in writing by the director or any written agreement between such credit union and the director, or has engaged or participated in any unsafe or unsound practice in connection with the credit union, or has committed or engaged in any act, omission, or practice which constitutes a breach of his or her fiduciary duty to the credit union, and the director determines that the credit union has suffered or will probably suffer financial loss or other damage or that the interests of its members could be prejudiced by reason of such violation or practice or breach of fiduciary duty, or that the director or officer or other person has received financial gain by reason of such violation or practice or breach of fiduciary duty, and such violation or practice or breach of fiduciary duty is one involving personal dishonesty on the part of such director, officer or other person, or one which demonstrates a willful or continuing disregard for the safety or soundness of the credit union, the director may serve upon such director, officer, or other person a written notice of his or her intention to remove such person from office.
2. When it shall appear to the director from any examination made by him or her or his or her examiners that any director, officer, or any other person participating in the conduct of the affairs of a credit union subject to this chapter, by conduct or practice with respect to another such credit union or any business institution which resulted in financial loss or other damage, has evidenced either his or her personal dishonesty or a willful or continuing disregard for its safety and soundness and, in addition, has evidenced his or her unfitness to continue as a director or officer and whenever it shall appear to the director that any other person participating in the conduct of the affairs of a credit union subject to this chapter, by conduct or practice with respect to such credit union or other corporation or other business institution which resulted in financial loss or other damage, has evidenced either his or her personal dishonesty or willful or continuing disregard for its safety and soundness and, in addition, has evidenced his or her unfitness to participate in the conduct of the affairs of such credit union, the director may serve upon such director, officer, or other person a written notice of intention to remove him or her from office or to prohibit his or her further participation in any manner in the conduct of the affairs of this credit union or from any other credit union supervised by the director.
3. Whenever it shall appear to the director to be necessary for the protection of any credit union or its members, he or she may, by written notice to such effect served upon any director, officer, or other person referred to in subsection 1 or 2 of this section, suspend him or her from office or prohibit him or her from further participation in any manner in the conduct of the affairs of the credit union. Such suspension or prohibition shall become effective upon service of such notice and shall remain in effect pending the completion of the administrative proceedings under the notice served under subsection 1 or 2 of this section and until such time as the director shall dismiss the charges specified in such notice or, if an order of removal or prohibition is issued against the director or officer or other person, until the effective date of any such order. Copies of any such notice shall also be served upon the credit union of which he or she is a director or officer or in the conduct of whose affairs he or she has participated.
4. Except as provided in subsection 5 of this section, any person who, pursuant to an order issued under this section, has been removed or suspended from office in a credit union or prohibited from participating in the conduct of the affairs of a credit union may not, while such order is in effect, continue or commence to hold any office in, or participate in any manner in, the conduct of the affairs of any other credit union subject to the provisions of this chapter.
5. If, on or after the date an order is issued under this section which removes or suspends from office any person or prohibits such person from participating in the conduct of the affairs of a credit union, such party receives the written consent of the director, subsection 4 of this section shall, to the extent of such consent, cease to apply to such person with respect to the credit union described in the written consent and the director shall publicly disclose such consent. Any violation of subsection 4 of this section by any person who is subject to an order described in subsection 4 of this section shall be treated as a violation of the order.
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(L. 1967 p. 509, A.L. 2011 S.B. 306)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Section 370.005 - Definitions.
Section 370.006 - Division of credit unions created — transfer — salary of director.
Section 370.010 - Credit union, how organized.
Section 370.030 - Bylaws, contents.
Section 370.040 - Approval by director, certificate, provisional issuance, fee, examination.
Section 370.050 - Change of business location — notice — approval required.
Section 370.060 - Amendments to bylaws, effective when.
Section 370.063 - Appeals — rules — nonseverability clause.
Section 370.070 - Powers of a credit union.
Section 370.071 - Additional powers of a credit union — membership fee allowed, when.
Section 370.073 - Fee or service charge authorized, when.
Section 370.075 - Investment of credit union funds.
Section 370.082 - Retroactive applicability.
Section 370.085 - Membership shares, uses — valuation — withdrawal — redemption — dividends.
Section 370.088 - Branches required to be located in geographic area of the credit union.
Section 370.090 - Operation without having filed certificate of approval prohibited.
Section 370.100 - Division director — powers — qualifications — examiners and assistants.
Section 370.101 - Oath required, when — conflict of interest, when — administrative subpoena powers.
Section 370.102 - Confidentiality oath required, exceptions — confidentiality of information.
Section 370.110 - Reports — when — penalty for late, inaccurate or incomplete.
Section 370.120 - Annual examination or audit report, exception — subpoena power.
Section 370.130 - Penalty for noncompliance.
Section 370.151 - Reorganization — approval — procedure, failure — liquidation.
Section 370.154 - Powers of receiver.
Section 370.156 - Withdrawal applications voided, when.
Section 370.157 - Director may remove officers, procedure.
Section 370.158 - Court may approve or modify reorganization or merger plan.
Section 370.160 - Fiscal year.
Section 370.161 - Notice of intention to remove, contents, procedure.
Section 370.162 - Appeal to circuit court, when.
Section 370.163 - Suspension of director or officer permitted, when, procedure.
Section 370.164 - Suspension, effect on board of directors, procedure.
Section 370.165 - Effective date of notice of suspension.
Section 370.170 - Meetings and special meetings, voting — proxies, when — action at meeting.
Section 370.180 - Board of directors, committees — election — terms — oath.
Section 370.190 - Directors to elect officers — duties established by board or bylaws.
Section 370.200 - Duties of board — telephone or electronic participation at meetings.
Section 370.230 - Powers and duties of supervisory committee.
Section 370.235 - Employees handling funds of credit union to give surety bond.
Section 370.240 - Capital of credit unions.
Section 370.260 - Cancellation of shares — member to keep credit union informed of current address.
Section 370.283 - Minors may hold or release shares — subject to lien.
Section 370.285 - Retirement accounts and pension funds, authority to serve as trustee.
Section 370.290 - Power to borrow money from any source.
Section 370.300 - Loans, interest rate — charges — refunds to members.
Section 370.310 - Limitations on loans — loans to directors and committee members, report required.
Section 370.320 - Reserve fund required.
Section 370.325 - Reserves, amounts required, waived when, procedure.
Section 370.328 - Reserve fund distribution, when.
Section 370.330 - Dividends, when declared — how paid.
Section 370.340 - Expulsion and withdrawal of members — refunds.
Section 370.350 - Dissolution of credit union, liquidation procedure, rulemaking authority.
Section 370.351 - Credit unions may merge — directors to approve plan, procedure.
Section 370.352 - Consolidation into new credit union — directors to approve plan.
Section 370.353 - Submission of plan to meeting of members or shareholders — notice.
Section 370.354 - Vote required for approval — director may approve, when.
Section 370.355 - Certificate of merger or consolidation, issued when — copies, where filed.
Section 370.357 - Effect of merger or consolidation.
Section 370.359 - Conversion from state to federal or federal to state credit union, procedure.
Section 370.360 - Unauthorized use of words "credit union" a misdemeanor.
Section 370.365 - Central credit union defined — how formed — fee, how determined.
Section 370.390 - Foreign credit union may operate in state, requirements.
Section 370.395 - State employees, deductions from compensation authorized, requirements.