C.R.S. Section 11-109-605
Suspension of director, officer, or other person


(1)

The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company who becomes ineligible to hold his or her position, or who after receipt of an order of the banking board to cease and desist violates this article or a lawful rule or order issued thereunder, or who is dishonest, or who is reckless or grossly incompetent in the conduct of trust business, or who may be subject to removal under section 11-109-604. It shall be a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any trust company until the banking board vacates such suspension order. A suspension order shall specify the grounds thereof. A copy of the order shall be sent to the trust company concerned and to each member of its board of directors.

(2)

Ten days’ notice, by certified mail, return receipt requested, and hearing shall be provided to any trust company affected by an action of the banking board in advance of any action taken by the banking board pursuant to this section. In cases found by the banking board to involve extraordinary circumstances requiring immediate action, the banking board may take such action, without notice or hearing, but shall promptly afford a subsequent hearing, upon application to rescind the action taken.

Source: Section 11-109-605 — Suspension of director, officer, or other person, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑109‑101
Definitions
11‑109‑102
Use of words “trust” or “trust company”
11‑109‑103
Applicability of powers of banking board and bank commissioner to trust companies
11‑109‑104
Powers - banking board - commissioner
11‑109‑105
No private right of action
11‑109‑201
Powers of trust companies
11‑109‑202
Offices of trust companies
11‑109‑203
Activities not requiring a charter
11‑109‑204
Federal deposit insurance required
11‑109‑205
Transactions with affiliates
11‑109‑206
Trust company organized as a limited liability company
11‑109‑301
Incorporators
11‑109‑302
Application fee
11‑109‑303
Assessments
11‑109‑304
Capital
11‑109‑305
Application for charter
11‑109‑306
Procedure for granting or denying charter
11‑109‑401
Acquisition of majority control over an existing trust company - definitions
11‑109‑402
Reports to the banking board and to the commissioner
11‑109‑501
Directors’ meetings - duties
11‑109‑502
Director and officer insurance and fidelity bonds - legislative declaration
11‑109‑601
Penalty for noncompliance with the law
11‑109‑602
Assessment of civil money penalties by banking board
11‑109‑603
No indemnification or insurance against civil money penalties
11‑109‑604
Removal of director, officer, or other person
11‑109‑605
Suspension of director, officer, or other person
11‑109‑606
Informal enforcement authority
11‑109‑607
Receipt of deposits while insolvent
11‑109‑701
Discontinuance of trust business - voluntary liquidation and dissolution
11‑109‑702
Involuntary liquidation
11‑109‑703
Emergency grant of new charter
11‑109‑704
Liquidation by commissioner - procedure
11‑109‑801
Appeals procedure
11‑109‑802
Injunctions - appeals
11‑109‑901
Reserves against deposits
11‑109‑902
Investments
11‑109‑903
Substitution of trust companies
11‑109‑904
Laws governing individuals apply
11‑109‑905
Separation of fiduciary funds
11‑109‑906
Funds awaiting investment or distribution
11‑109‑907
Extensions of credit
Green check means up to date. Up to date

Current through Fall 2024

§ 11-109-605’s source at colorado​.gov