§ 6.1-101. Protection of state deposits upon insolvency, etc
If, upon the examination of any bank, it shall appear to the Commission that any such bank, which is designated as a state depository, is insolvent or is unable to meet its obligations and the legal demands upon it in the ordinary course of its business, the Commission shall forthwith notify the State Treasurer, who shall discontinue further deposits therein of state funds and take such action as may be necessary to protect the deposits of the Commonwealth therein.
(Code 1950, § 6-115; 1966, c. 584.)
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