12.1-10 - Prohibited conflicts of interests. - Virginia Statutes

§ 12.1-10. Prohibited conflicts of interests.

The members of the Commission and its subordinates and employees shall not,directly or indirectly, own any securities of, have any pecuniary interestin, or hold any position with any corporation whose rates, services, orfinancial ability to meet its obligations to the public are subject tosupervision or regulation by the Commission; nor shall any such person engagein the private practice of law.

This section shall not prevent any such person from being a policyholder inany insurance company; from being a depositor in any bank, savingsinstitution, or similar institution; or from being a holder of a securityissued by a unit investment trust or management company as those terms aredefined in the Investment Company Act of 1940 and in accordance with suchrules as the Commission may adopt.

Any member of the Commission who violates this section may be censured orremoved from office in the manner provided by Article VI, Section 10 of theConstitution of Virginia. Any subordinate or employee of the Commission whoviolates this section may be removed from office by the Commission.

(Code 1950, § 12-13; 1971, Ex. Sess., c. 157; 1994, c. 181; 1996, c. 77.)