6.1-385 - (Repealed effective October 1, 2010) Unsafe or unsound practices; cease and desist power. - Virginia Statutes

§ 6.1-385. (Repealed effective October 1, 2010) Unsafe or unsound practices;cease and desist power.

Upon a finding that any activity of a holding company, including the controlof a company or companies other than a Virginia financial institution, is ormay be detrimental to the safety or soundness of an institution subject toregulation under the laws of this Commonwealth, the Commission, afterreasonable notice to the holding company and an opportunity for it to beheard, shall have authority to order it to cease and desist from suchactivity.

(1978, c. 683.)