6.2-915 - (Effective October 1, 2010) Protection of state deposits upon insolvency. - Virginia Statutes

§ 6.2-915. (Effective October 1, 2010) Protection of state deposits uponinsolvency.

If, upon the examination of any bank that is designated as a statedepository, it appears to the Commission that the bank 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, § 6.1-101; 2010, c. 794.)