17:13-114 - Discontinuation of illegal activity; order - New Jersey Statutes

17:13-114.  Discontinuation of illegal activity;  order
    If it appears to the commissioner that any credit union has violated its certificate of incorporation, bylaws, or any law of this State, or if he determines that the credit union is conducting its business in an illegal unsafe, or unauthorized manner, he shall direct the credit union to discontinue  the illegal, unsafe, or unauthorized conduct of business.  The order shall be  sent to the president of the credit union.  The president shall present the  order to the board at its next regular meeting or at a special meeting if a  special meeting is ordered by the commissioner.  The action taken by the board  with respect to the commissioner's order shall be communicated by the president  to the commissioner within five days.

     L.1984, c. 171, s. 36, eff. Oct. 31, 1984.