Any officer, director or employee of a bank or trust company found by the Commissioner to be dishonest, reckless, unfit to participate in the conduct of the affairs of the institution, or to have engaged or participated in any unsafe or unsound practice in connection with a bank or trust company, or to be practicing a continuing disregard or violation of laws, rules, regulations or orders which are likely to cause substantial loss to the institution or likely to seriously weaken the condition of the institution shall be removed immediately from office by the board of directors of the bank or trust company of which he is an officer, director or employee, on the written order of the Commissioner; provided, that said bank or trust company or officer, employee or director may within ten (10) days file a notice of protest for said removal with the Secretary of the Board and as soon as possible thereafter the Board will review the order of said Commissioner and make such findings as it deems proper, and that, pending said time, the said officer, employee or director shall not perform any of the duties of his office.
Added by Laws 1965, c. 161, § 210. Amended by Laws 1982, c. 223, § 4; Laws 1985, c. 168, § 3, emerg. eff. June 18, 1985.
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