La. Rev. Stat. § 6:1311
This is the official text of La. Rev. Stat. § 6:1311, part of Louisiana’s Rev. Stat — part of the compiled statutory law of Louisiana, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Unsafe and unsound; orders of prohibition and removal
Official statutory text
A. The violation of any of the following provisions of this Part is deemed to be an unsafe and unsound practice and creates an unsafe and unsound condition in the savings bank. The savings bank or the institution-affiliated party responsible for such violation may be subject to the assessment of civil money penalties and other enforcement powers of the commissioner as specified in this Title.
B. Continued violation of any such provisions after the commissioner issues formal notice to correct, shall subject the directors of the savings bank at fault to immediate removal from the board and to a permanent order of prohibition from direct or indirect participation in the affairs of any financial institution governed by Title 6 of the Louisiana Revised Statutes of 1950.
C. The commissioner shall promulgate rules and regulations to implement this Part.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
B. Continued violation of any such provisions after the commissioner issues formal notice to correct, shall subject the directors of the savings bank at fault to immediate removal from the board and to a permanent order of prohibition from direct or indirect participation in the affairs of any financial institution governed by Title 6 of the Louisiana Revised Statutes of 1950.
C. The commissioner shall promulgate rules and regulations to implement this Part.
Acts 1990, No. 816, §1, eff. Sept. 1, 1990.
Status: in_force · Read it on the official government site
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