RS 6:1332 Cease and desist; books and records - Louisiana Statutes

§1332.  Cease and desist; books and records

A.  If the notice of charges and orders referred to in R.S. 6:1331 specifies that the books and records of a savings bank are so incomplete and inaccurate that the commissioner is unable to determine the financial condition of the savings bank, or is unable to determine the nature, details, or purpose of any transaction which may have a material effect on the savings bank's financial condition, then the commissioner shall issue an order which shall be immediately effective requiring:

(1)  Specific, affirmative steps to restore, reconstruct, or adjust the books and records to accuracy and compliance.

(2)  Rescission or cessation of transactions or activities which led to the incomplete or inaccurate condition of the books and records.

(3)  The establishment of reserves for any losses which the commissioner finds were incurred due to the condition of the books and records.

B.  This order shall be effective either until the commissioner's examination determines the condition has been corrected or is to be corrected or until the requirements for Part X of this Chapter are met.

Acts 1990, No. 816, §1, eff. Sept. 1, 1990.