Debenture companies — Temporary cease and desist orders.
Whenever the director determines that any violation, act, or practice specified in RCW 21.20.732 or its continuation is likely to cause insolvency or substantial dissipation of assets or earnings of the debenture company or to otherwise seriously prejudice the interests of its security holders, the director may also issue a temporary order requiring the debenture company and its directors, officers, controlling persons, employees, and agents to cease and desist from the violation, act, or practice. The order shall become effective upon service on the debenture company and shall remain effective pending the completion of the administrative proceedings under the notice and until such time as the director dismisses the charges specified in the notice or until the effective date of a cease and desist order issued against the debenture company under RCW 21.20.732.
[1988 c 244 § 6; 1987 c 421 § 8.]
| Severability -- Effective date -- Implementation -- Application -- 1988 c 244: See notes following RCW 21.20.700.|
Effective date -- Application -- Severability -- 1987 c 421: See notes following RCW 21.20.705.