Page:United States Statutes at Large Volume 106 Part 5.djvu/415

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4053 ice or participation by such party ma^ pose a threat to the interests of the depository institution's depositors or may threaten to impair public confidence in the depositoiv institution, issue and serve upon such party an oraer removii^ such party from office or prohibiting such party from further participation in any manner in the conduct of the affairs of the depository institution without the prior written consent of the appropriate agency. " (ii) REQUIRED FOR CERTAIN OFFENSES. —In the case of a judgment of conviction or agreement against an institution-affiliated party in connection with a violation described in subparagraph (A)(ii), the appropriate Federal banking agen(^ shall issue and serve upon such party an order removing such party from omce or prohibiting such party from further participation in any manner in the conduct of the affairs of the depository institution without the prior written consent of the appropriate agency. "(D) PROVISIONS APPLICABLE TO ORDER. — "(i) COPY.— A copy of any order under subparagraph (C) shall also be served upon the depository institution, whereupon the institution-affiliated party who is subject to the order (if a director or an omcer) shall cease to be a director or ofiEicer of such depository institution. or other disposition of the charge shall not preclude the agency from instituting proceedings after such finding or disposition to remove such party from office or to pronibit further participation in depository institution affairs, pursuant to paragraph (1), (2), or (3) of subsection (e) of this section. "(iii) EFFECTIVE PERIOD.— Any notice of suspension or order of removal issued under this paragraph shall remain effective and outstandini^ until the completion of any hearing or appeal authorized under paragraph (3) unless terminated by the agency.", (b) CREDIT UNIONS. — (1) VIOLATION OF REPORTING REQUIREMENTS.— Section 206(g)(2) of the Federal Credit Union Act (12 U.S.C. 1786(g)(2)) is amended to read as follows: "(2) SPECIFIC VIOLATIONS.— "(A) IN GENERAL.— Whenever the Board determines that— "(i) an institution-affiliated party has committed a violation of any provision of subchapter II of chapter 53 of title 31, United States Code, unless such violation was inadvertent or unintentional; "(ii) an officer or director of an insured credit union has knowledge that an institution-affiliated party of the insured credit imion has violated any such provision or any provision of law referred to in subsection (i)(l)(A)(ii);or union has committed any violation of the Depository Institution Management Interlocks Act,
 * (ii) EFFECT OF ACQUITTAL. — A finding of not guilty
 * (iii) an officer or director of an insured credit

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