Title 9-B: FINANCIAL INSTITUTIONS

Part 2: BUREAU OF FINANCIAL INSTITUTIONS

Chapter 23: CEASE AND DESIST ORDERS; REMOVAL OR CHANGE OF OFFICER OR DIRECTOR

§234. Notice to Federal authorities

1.  Requirement.  In connection with any proceeding under section 231 or 232 involving a financial institution under the concurrent supervision of a federal agency and the bureau, the superintendent shall provide the appropriate federal agency with notice of any such proceeding and the grounds therefor. Such proceeding may then be continued jointly or by either the federal agency or the superintendent.  

[PL 2007, c. 79, §4 (AMD).]

2.  Failure to notify.  Failure of the superintendent to give such notice shall not constitute a ground for attacking the validity of the order.  

[PL 1975, c. 500, §1 (NEW).]

SECTION HISTORY

PL 1975, c. 500, §1 (NEW). PL 2007, c. 79, §4 (AMD).