Nevada Revised Statutes 666.145 – Order requiring removal of director, officer or employee; petition by person affected; injunction prohibiting participation in affairs of company
1. If the Commissioner determines that a director, officer or employee of a bank holding company has been negligent, dishonest, reckless or incompetent in connection with his or her duties, the Commissioner may issue a written order requiring the person to be removed from his or her position.
Terms Used In Nevada Revised Statutes 666.145
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
2. The person affected by the order of the Commissioner may petition the district court for the judicial district in which the bank holding company is located to set aside the order. The court may affirm, modify or set aside the order.
3. If a director, officer or employee is not removed in accordance with an order of the Commissioner and the Commissioner has reasonable cause to believe that the continued participation of the person in the affairs of the bank holding company will place it in an unsafe or unsound condition, the Commissioner may apply to the district court for the judicial district in which the bank holding company is located for a temporary restraining order and an injunction prohibiting the person from participating in the affairs of the bank holding company.