6.1-101 - (Repealed effective October 1, 2010) Protection of state deposits upon insolvency, etc. - Virginia Statutes

§ 6.1-101. (Repealed effective October 1, 2010) Protection of state depositsupon insolvency, etc.

If, upon the examination of any bank, it shall appear to the Commission thatany such bank, which is designated as a state depository, is insolvent or isunable to meet its obligations and the legal demands upon it in the ordinarycourse of its business, the Commission shall forthwith notify the StateTreasurer, who shall discontinue further deposits therein of state funds andtake such action as may be necessary to protect the deposits of theCommonwealth therein.

(Code 1950, § 6-115; 1966, c. 584.)