§ 54B-249. Removal of officers or employees. - North Carolina Statutes

§54B‑249.  Removal of officers or employees.

     The Secretary of Commerceshall have the right, and is hereby empowered, to require the board ofdirectors or board of trustees of any guaranty association to immediatelyremove from office any officer, director, trustee or employee of any mutualdeposit guaranty association doing business in this State, who shall be foundby the Secretary of Commerce to be dishonest, incompetent, or reckless in themanagement of the affairs of the mutual deposit guaranty association, or inviolation of the lawful orders, rules and regulations issued by the Secretaryof Commerce, or who violates any of the laws set forth in Chapter 54B of theGeneral Statutes. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751,s. 8(9); 1991 (Reg. Sess., 1992), c. 959, s. 17.)