§ 31a.13. Revocation of trust powers.
In addition to the other sanctions available, if, in the opinion of the Department, an association is unlawfully or unsoundly exercising or has unlawfully or unsoundly exercised or for a period of 5-consecutive years has failed to exercise the powers granted by this chapter or otherwise fails or has failed to comply with this chapter, the Department may issue and serve upon the association a notice of intent to revoke the authority of the association to exercise the powers granted by this chapter. The notice shall contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, failure to exercise powers, or failure to comply and shall fix a time and place at which a hearing will be held to determine whether an order revoking authority to exercise such powers should issue against the association.
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