Effective 28 Aug 1985

361.267. Information, complaint or indictment of director, officers or other persons — certain charges, effect, procedure. — Whenever a director or officer of a corporation, or other person participating in the conduct of the affairs of such corporation, is charged in any information or complaint authorized by a prosecuting attorney or a United States attorney, or in any indictment, with the commission of or participation in a crime involving dishonesty or breach of trust which is punishable by imprisonment for a term exceeding one year under state or federal law, the director may, if continued service or participation by the individual may pose a threat to the interests of the corporation's depositors or may threaten to impair the confidence in the corporation, by written notice served upon such director, officer, or other person, suspend him from office or prohibit him from further participation in any manner in the conduct of the affairs of the corporation. A copy of such notice shall also be served upon the corporation. Such suspension or prohibition shall remain in effect until such information, indictment or complaint is finally disposed of or until terminated by the director. In the event that a judgment of conviction with respect to such crime is entered against such director, officer, or other person, and at such time as such judgment is not subject to further appellate review, the director may, if continued service or participation by the individual may pose a threat to the interests of the corporation's depositors or may threaten to impair public confidence in the corporation, initiate action to remove such officer as described in subsection 1 of section 361.262.

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(L. 1985 H.B. 408 § 361.265 subsec. 6 subdiv. (1))