§ 6.1-100. Closing bank upon insolvency, etc.; appointment of receiver
If upon the examination of any bank it shall be found to be insolvent, or it is deemed necessary by the Commission for the protection of the public interests, the Commission may at once close the doors of such bank without any notice whatsoever, and the Commission by its duly appointed agent shall take charge of the books, assets and affairs of such bank until the appointment of a receiver as provided by law.
For purposes of this article, "insolvent" means incapable of meeting the current demands of creditors or having liabilities which, in total, exceed the book value of assets.
In any case in which a bank has been closed by the Commission, the Commission may proceed to have a receiver for the closed bank appointed in accordance with § 6.1-102, or it may proceed in its discretion as provided in Article 10.1 (§ 6.1-110.1 et seq.) of this chapter.
(Code 1950, § 6-114; 1966, c. 584; 1983, c. 507.)
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