6.2-1038 - (Effective October 1, 2010) Appointment of receiver. - Virginia Statutes

§ 6.2-1038. (Effective October 1, 2010) Appointment of receiver.

A. When in the judgment of the Commission it is necessary for the protectionof the interests of the Commonwealth or of the creditors of any trust companydoing business in the Commonwealth, the Commission shall apply to any courtin the Commonwealth having jurisdiction to appoint receivers for theappointment of a receiver to take charge of the business affairs and assetsand to wind up the affairs and business of any such trust company failing tocomply with the requirements of the Commission, or found upon examination tobe insolvent or unable to meet its obligations and the legal demands madeupon it in the ordinary course and conduct of its business.

B. Reference is hereby made to §§ 6.2-916 through 6.2-924 and Article 14 (§6.2-925 et seq.) of Chapter 8 for provisions applicable to receiverships oftrust companies.

(Code 1950, § 6-116; 1966, c. 584, § 6.1-102; 2010, c. 794.)