6.1-396 - (Repealed effective October 1, 2010) Violations; divestiture. - Virginia Statutes

§ 6.1-396. (Repealed effective October 1, 2010) Violations; divestiture.

A. Upon determination that any out-of-state bank holding company orsubsidiary thereof is holding stock in a bank located in this Commonwealth inviolation of the conditions set forth in § 6.1-392 or of its agreementpursuant to § 6.1-393, the Commissioner may order such out-of-state holdingcompany or subsidiary thereof to take steps to remedy such violation by adate certain.

B. The Commission shall have the authority to order an out-of-state bankholding company or subsidiary thereof to divest any shares of a bank that ithas acquired under the provisions of this chapter upon a determination thatsuch holding company or subsidiary continues to own shares of stock of a banklocated in this Commonwealth in violation of the conditions contained in §6.1-392 or of its agreement pursuant to § 6.1-393 after the date fixed forcompliance by any order issued under subsection A of this section.

C. An out-of-state bank holding company or subsidiary thereof shall divestany shares of a bank that it has acquired under the provisions of thischapter within two years of the date an order issued under subsection B ofthis section becomes final and subject to no further judicial review;provided that the Commission may extend such two-year period for a furtherperiod or periods upon determination that such an extension would not bedetrimental to the public interest.

(1983, c. 193.)