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1 lation or the unsafe or unsound practice or practices, spec

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2 ified in the notice of charges served upon the bank or 3 any director, officer, employee, agent, or other person par4 ticipating in the conduct of the affairs of such bank pur5 suant to paragraph (1) of subsection (b) of this section, or the continuation thereof, is likely to cause insolvency or 7 substantial dissipation of assets or earnings of the bank, or 8 is likely to otherwise seriously prejudice the interests of 9 its depositors, the agency may issue a temporary order re10 quiring the bank and/or such director, officer, employee, 11 agent, or other person to cease and desist from any such 12 violation or practice. Such order shall become effective upon 13 service upon the bank and/or such director, officer, em14 ployee, agent, or other person participating in the conduct 15 of the affairs of such bank and, unless set aside, limited, or 16 suspended by a court in proceedings authorized by para17 graph (2) of this subsection, shall remain effective and en18 forceable pending the completion of the administrative pro19 ceedings pursuant to such notice and until such time as the 20 agency shall dismiss the charges specified in such notice, 21 or if a cease-and-desist order is issued against the bank and/ 22 or such director, officer, employee, agent, or other person, 23 until the effective date of such order.

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"(2) Within ten days after the bank concerned or 25 any director, officer, employee, agent, or other person par

:

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1 ticipating in the conduct of the affairs of such bank has

2 been served with a temporary cease-and-desist order, the

3 bank and/or such director, officer, employee, agent, or other 4 person may apply to the United States district court for the 5 judicial district in which the home office of the bank is 6 located, or the United States District Court for the District 7 of Columbia, for an injunction setting aside, limiting, or 8 suspending the enforcement, operation, or effectiveness of 9 such order pending the completion of the administrative pro10 ceedings pursuant to the notice of charges served upon the 11 bank and/or such director, officer, employee, agent, or other 12 person under paragraph (1) of subsection (b) of this sec13 tion, and such court shall have jurisdiction to issue such 14 injunction.".

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(d) Section 8 (e) of the Federal Deposit Insurance Act, 16 as amended (12 U.S.C. 1818 (e)), is amended to read as 17 follows:

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“(e) (1) Whenever, in the opinion of the appropriate Federal banking agency, any director or officer of an in20 sured bank has committed any violation of law, rule, or 21 regulation or of a cease-and-desist order which has become 22 final, or has engaged or participated in any unsafe or un23 sound practice in connection with the bank, or has com24mitted or engaged in any act, omission, or practice which 25 constitutes a breach of his fiduciary duty as such director

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or officer, and the agency determines that the bank has

2 suffered or will probably suffer substantial financial loss or

3 other damage or that the interests of its depositors could be

4 seriously prejudiced by reason of such violation or practice

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or breach of fiduciary duty, and that such violation or prac6 tice or breach of fiduciary duty is either one involving per

7 sonal dishonesty on the part of such director or officer, or

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one which demonstrates his gross negligence in the opera9 tion or management of the bank or a willful disregard for 10 the safety or soundness of the bank, the agency may serve 11 upon such director or officer a written notice of its intention to remove him from office.".

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Paragraph (e) (2) is repealed.

Paragraph (e) (3) is redesignated as paragraph (e) (2)

15 and is amended to read as follows:

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"(e) (2) Whenever, in the opinion of the appropriate 17 Federal banking agency, any director or officer of an insured 18 bank, by conduct or practice with respect to another insured 19 bank or other business institution which resulted in substan20 tial financial loss or other damage, has evidenced either his 21 personal dishonesty or his gross negligence in the operation 22 or management of the bank or institution or a willful dis23 regard for its safety and soundness, and, in addition, has 24 evidenced his unfitness to continue as a director or officer 25 and, whenever, in the opinion of the appropriate Federal

69-710 O-76-3

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1 banking agency, any other person participating in the con2duct of the affairs of an insured bank, by conduct or practice

3 with respect to such bank or other insured bank or other

4 business institution which resulted in substantial financial loss

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or other damage, has evidenced either his personal dishonesty 6 or his gross negligence in the operation or management of 7 the bank or institution or a willfull disregard for its safety 8 and soundness, and in addition, has evidenced his unfitness to 9 participate in the conduct of the affairs of such insured bank, 10 the agency may serve upon such director, officer, or other 11 person a written notice of its intention to remove him from 12 office and/or to prohibit his further participation in any 13 manner in the conduct of the affairs of the bank.".

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Paragraph (e) (4) is repealed.

Paragraph (e) (5) is redesignated as paragraph (e) (3)

16 and is amended to read as follows:

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"(e) (3) In respect to any director or officer of an in18 sured bank or any other person referred to in paragraph (1) or (2) of this subsection, the appropriate Federal banking agency may, if it deems it necessary for the protection of the 21 bank or the interests of its depositors, by written notice 22 to such effect served upon such director, officer, or other 23 person, suspend him from office and/or prohibit him from 24 further participation in any manner in the conduct of the 25 affairs of the bank. Such suspension and/or prohibition shall

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1 become effective upon service of such notice and, unless 2 stayed by a court in proceedings authorized by subsection.

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(f) of this section, shall remain in effect pending the com4 pletion of the administrative proceedings pursuant to the 5 notice served under paragraph (1) or (2) of this subsection 6 and until such time as the agency shall dismiss the charges 7 specified in such notice, or, if an order of removal and/or 8 prohibition is issued against the director or officer or other 9 person, until the effective date of any such order. Copies 10 of any such notice shall also be served upon the bank of 11 which is a director or officer or in the conduct of whose affairs

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Paragraph (e) (8) is redesigned as paragraph (e)

16 (4) and is amended to read as follows:

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"(e) (4) A notice of intention to remove a director, 18 officer, or other person from office and/or to prohibit his 19 participation in the conduct of the affairs of an insured bank, 20 shall contain a statement of the facts constituting grounds 21 therefor, and shall fix a time and place at which a hearing 22 will be held thereon. Such hearing shall be fixed for a date 23 not earlier than thirty days nor later than sixty days after 24 the date of service of such notice, unless an earlier or a later date is set by the agency at the request of (A) such director

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