(1) A notice of an intention to remove a
board trustee or director, officer, or employee from office or to
prohibit his or her participation in the conduct of the affairs
of a savings bank or holding company shall contain a statement of
the facts which constitute grounds therefor and shall fix a time
and place at which a hearing will be held. The hearing shall be
set not earlier than ten days or later than thirty days after the
date of service of the notice unless an earlier or later date is
set by the director at the request of the board trustee or
director, officer, or employee for good cause shown or at the
request of the attorney general of the state.
(2) Unless the board trustee or director, officer, or
employee appears at the hearing personally or by a duly
authorized representative, the person shall be deemed to have
consented to the issuance of an order of removal or prohibition
or both. In the event of such consent or if upon the record made
at the hearing the director finds that any of the grounds
specified in the notice have been established, the director may
issue such orders of removal from office or prohibition from
participation in the conduct of the affairs of the savings bank
or holding company as the director may consider appropriate.
(3) Any order under this section shall become effective at
the expiration of ten days after service upon the savings bank or
holding company and the trustee, director, officer, or employee
concerned except that an order issued upon consent shall become
effective at the time specified in the order.
An order shall remain effective except to the extent it is
stayed, modified, terminated, or set aside by the director or a
reviewing court.
[2010 c 88 § 53; 1994 c 92 § 332; 1979 c 46 § 8.]
NOTES:
Effective date -- 2010 c 88: See RCW 32.50.900.
Severability -- 1979 c 46: See note following RCW 32.04.250.
Administrative hearings, procedure, orders, and judicial review: RCW 32.04.290.
Jurisdiction of courts as to orders to remove trustee, officer, or employee: RCW 32.04.300.