Section 14314 Of Article 3. Enforcement From California Financial Code >> Division 5. >> Chapter 3. >> Article 3.
14314
. (a) If the commissioner takes possession of the property and
business of a California credit union pursuant to Section 14313, the
California credit union may, within 10 days, apply to the superior
court in the county where its principal executive office is located
to enjoin further proceedings. The court may, after citing the
commissioner to show cause why further proceedings should not be
enjoined and after a hearing, dismiss the application or enjoin the
commissioner from further proceedings and order the commissioner to
surrender the property and business of the California credit union to
the California credit union or make any further order as may be
just. The judgment of the court may be appealed by the commissioner
or by the California credit union in the manner provided by law for
appeals from the judgment of a superior court.
(b) At any time after the commissioner takes possession of the
property and business of a California credit union pursuant to
Section 14313, the California credit union may, with the approval of
the commissioner, resume business upon conditions as the commissioner
may prescribe.