6.2-1061 - (Effective October 1, 2010) Reports; investigations and examinations; civil penalties.
§ 6.2-1061. (Effective October 1, 2010) Reports; investigations andexaminations; civil penalties.
A. Each trust subsidiary shall file statements of condition and other reportswith the Commission in accordance with the requirements established byregulation.
B. The Commission may, by its designated officers and employees, as often asit deems necessary, investigate and examine the affairs, business, premises,and records of any trust subsidiary. Examinations of such trust subsidiariesshall be conducted at least twice in each three-year period.
C. In the course of such investigations and examination, the principals,officers, directors, and employees of such trust subsidiary beinginvestigated or examined shall, upon demand of the person making suchinvestigation or examination, afford full access to all premises, books,records, and information that the person making such investigation orexamination deems necessary. For the foregoing purposes, the person makingthe investigation or examination shall have authority to administer oaths,examine under oath all the aforementioned persons, and compel the productionof papers and objects of all kinds.
D. Any trust subsidiary that fails to comply with the provisions ofsubsection A, for a period of longer than 30 days, after being called upon bythe Commission for a statement, or to do such other act as is thereinprovided, shall be subject to assessment by the Commission of a civil penaltyof not less than $100 nor more than $1,000 per day for each day ofnoncompliance.
E. Any officer of any trust subsidiary being investigated or examined by theCommission who shall refuse to give any examiner the information or refuse tobe sworn, as required by subsections B and C, shall be subject to assessmentby the Commission of a civil penalty of not less than $25 nor more than $100per day for each day of noncompliance.
(Code 1950, § 6-128; 1966, c. 584, § 6.1-114; 1974, c. 665; 1976, c. 658;1988, c. 555; 1997, c. 142; 2010, c. 794.)