6.1-105 - (Repealed effective October 1, 2010) Interest on deposits; distribution of surplus remaining after payment of depositors. - Virginia Statutes

§ 6.1-105. (Repealed effective October 1, 2010) Interest on deposits;distribution of surplus remaining after payment of depositors.

When any court of competent jurisdiction shall, on a proper applicationtherefor, appoint a receiver for any state bank, banking institution, ortrust company, such court may prescribe and direct, by order or decreeentered of record, that the rate of interest to be paid by such receiver uponthe claims of depositors of such bank, or banking institution, or trustcompany, shall not exceed the current or contracted rate of interest paid bysuch state bank, banking institution or trust company on deposits and mayalso fix the interest to be so paid at such lower rate as such court may deemproper under all the circumstances of the case. In any such event such courtshall also direct that any surplus remaining after the payment in full ofsuch depositors, together with the interest thereon as so prescribed andfixed, shall be distributed pro rata among the shareholders of such bank,banking institution, or trust company, as of the date of the appointment ofsuch receiver.

(Code 1950, § 6-69; 1966, c. 584.)