13-6-402. Directors to relieve unsound condition; duty.
If it appears that the affairs of the association are in fact in an unsound condition, the state banking commissioner shall at once notify in writing the board of directors of the association of his decision, giving them twenty (20) days in which to restore the affairs of the association to a sound condition. Meanwhile, the state banking commissioner shall remain in charge of all books, records and assets of the association. He shall attend or be represented at all directors' and stockholders' meetings and suggest steps necessary to restore the association to a sound condition.
Structure Wyoming Statutes
Title 13 - Banks, Banking and Finance
Chapter 6 - Savings and Loan Associations
Section 13-6-401 - When State Banking Commissioner to Take Charge; Refusal to So Permit.
Section 13-6-402 - Directors to Relieve Unsound Condition; Duty.
Section 13-6-403 - Directors to Relieve Unsound Condition; Failure.
Section 13-6-404 - Losses Exceeding Reserves or Earnings.
Section 13-6-405 - Banking Commissioner to Be Appointed Receiver; Assistants; Bonding Requirements.