6.2-913 - (Effective October 1, 2010) Closing bank upon insolvency; appointment of receiver. - Virginia Statutes

§ 6.2-913. (Effective October 1, 2010) Closing bank upon insolvency;appointment of receiver.

A. If (i) any bank, upon its examination by the Commission, is found to beinsolvent or (ii) the Commission deems it necessary with respect to any bankfor the protection of the public interests, the Commission (a) may closeimmediately the doors of the bank without any notice and (b) by its dulyappointed agent shall take charge of the books, assets, and affairs of thebank until the appointment of a receiver as provided by law.

B. If a bank has been closed by the Commission, the Commission may proceed(i) to have a receiver for the closed bank appointed in accordance with §6.2-916 or (ii) as provided in Article 14 (§ 6.2-925 et seq.) of this chapter.

(Code 1950, § 6-114; 1966, c. 584, § 6.1-100; 1983, c. 507; 2010, c. 794.)