6.1-100 - (Repealed effective October 1, 2010) Closing bank upon insolvency, etc.; appointment of receiver. - Virginia Statutes

§ 6.1-100. (Repealed effective October 1, 2010) Closing bank upon insolvency,etc.; appointment of receiver.

If upon the examination of any bank it shall be found to be insolvent, or itis deemed necessary by the Commission for the protection of the publicinterests, the Commission may at once close the doors of such bank withoutany notice whatsoever, and the Commission by its duly appointed agent shalltake charge of the books, assets and affairs of such bank until theappointment of a receiver as provided by law.

For purposes of this article, "insolvent" means incapable of meeting thecurrent demands of creditors or having liabilities which, in total, exceedthe book value of assets.

In any case in which a bank has been closed by the Commission, the Commissionmay proceed to have a receiver for the closed bank appointed in accordancewith § 6.1-102, or it may proceed in its discretion as provided in Article10.1 (§ 6.1-110.1 et seq.) of this chapter.

(Code 1950, § 6-114; 1966, c. 584; 1983, c. 507.)