Diversion of Funds. If a court or other body of competent jurisdiction determines that funds or resources re- ceived under a covered agreement have been diverted contrary to the purposes of the covered agreement for an indi- vidual’s personal financial gain, the OCC may take either or both of the fol- lowing actions— (1) Order the individual to disgorge the diverted funds or resources re- ceived under the agreement; (2) Prohibit the individual from being a party to any covered agreement for a period not to exceed 10 years.
Appears in 3 contracts
Samples: Covered Agreement, Covered Agreement, Covered Agreement
Diversion of Funds. If a court or other body of competent jurisdiction determines that funds or resources re- ceived under a covered agreement have been diverted contrary to the purposes of the covered agreement for an indi- vidual’s personal financial gain, the OCC FDIC may take either or both of the fol- lowing following actions—
(1) Order the individual to disgorge the diverted funds or resources re- ceived under the agreement;.
(2) Prohibit the individual from being a party to any covered agreement for a period not to exceed 10 years.
Appears in 3 contracts
Samples: Covered Agreement, Covered Agreement, Covered Agreement
Diversion of Funds. If a court or other body of competent jurisdiction determines that funds or resources re- ceived under a covered agreement have been diverted contrary to the purposes of the covered agreement for an indi- vidual’s personal financial gain, the OCC FDIC may take either or both of the fol- lowing following actions—
(1) Order the individual to disgorge the diverted funds or resources re- ceived under the agreement;
(2) Prohibit the individual from being a party to any covered agreement for a period not to exceed 10 years.
Appears in 1 contract
Samples: Covered Agreement
