6.2-916 - (Effective October 1, 2010) Appointment of receiver. - Virginia Statutes

§ 6.2-916. (Effective October 1, 2010) Appointment of receiver.

When, in the judgment of the Commission, it is necessary for the protectionof the interests of the Commonwealth or of the depositors and creditors ofany bank doing business in the Commonwealth, or of the creditors of any trustcompany doing business in the Commonwealth, the Commission shall apply to anycourt in the Commonwealth having jurisdiction to appoint receivers for theappointment of a receiver to take charge of the business affairs and assets,and to wind up the affairs and business, of any such bank or trust company(i) failing to comply with the requirements of the Commission or (ii) foundupon examination to be insolvent or unable to meet its obligations and thelegal demands made upon it in the ordinary course and conduct of its business.

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