6.1-110 - (Repealed effective October 1, 2010) Power of receivers to contract for loans and make investments.
§ 6.1-110. (Repealed effective October 1, 2010) Power of receivers tocontract for loans and make investments.
Any court in this Commonwealth having jurisdiction to appoint receivers may,in its discretion, authorize any receiver appointed by such court for anybank or trust company, in pursuance of the provisions of this chapter:
(1) To make application for and contract for a loan from any corporation oragency authorized, among other purposes, to make loans upon the applicationof the receiver or liquidating agent of any bank that is closed, or inprocess of liquidation, secured by the assets of any such bank, if suchcorporation or agency is organized, or provided for by, or pursuant to,legislation enacted by the Congress of the United States, and if such loanshall be for the purpose of aiding in the reorganization or liquidation ofany such bank, including the payment of liquidating dividends from theproceeds thereof, and
(2) To secure any such loan or advance by the pledge, hypothecation ormortgage of any or all of the assets of such bank or trust company, or insuch other manner as such court, in its discretion, may authorize.
Any such court may also, in its discretion, authorize any such receiver soappointed by it, to invest any funds in the hands of such receiver, in bondsof the United States or of the Commonwealth of Virginia.
(Code 1950, § 6-81; 1966, c. 584.)