6.1-92 - (Repealed effective October 1, 2010) Disclosure of irregularities, etc.; Commission's powers.
§ 6.1-92. (Repealed effective October 1, 2010) Disclosure of irregularities,etc.; Commission's powers.
If upon the examination of any bank, the Commission shall ascertain that thebanking laws of this Commonwealth are not being fully observed, or that anyirregularities are being practiced, or that its capital has been or is indanger of being impaired, the Commission shall give immediate notice thereofto the officers and directors of such bank and, if deemed necessary in orderto conserve the assets of such bank or to protect the interests of depositorsand creditors thereof, the Commission may:
(1) Temporarily suspend the right of such bank to receive any furtherdeposits;
(2) Temporarily close such bank, for a period not exceeding sixty days, andsuch period may be further extended for a like period or periods as theCommission may deem necessary;
(3) Require the officers and directors of such bank to liquidate itsoutstanding loans insofar as shall be required;
(4) Require that any such impairment of the capital stock be made good;
(5) Require that any such irregularities be promptly corrected;
(6) Require such bank to make reports daily or at such other times as may berequired to the Commission as to the results achieved in carrying out theorders of the Commission; and/or
(7) Without examination, close, for such period or periods as the Commissionmay deem necessary, any bank facing an emergency due to withdrawal ofdeposits or otherwise, or, without closing such bank, grant to it the rightto suspend or limit the withdrawal of deposits, for such period as theCommission may determine.
If any such bank shall fail or refuse to comply with any such order or ordersof the Commission, or if the Commission shall determine that a receiver forany such bank should be appointed, the Commission may apply for theappointment of a receiver to take charge of the business affairs and assetsof such bank and to wind up its affairs as hereinafter provided.
(Code 1950, § 6-113; 1966, c. 584; 1976, c. 658.)