Code of Virginia - Title 6.1 Banking And Finance - Section 6.1-102 Appointment of receiver

§ 6.1-102. Appointment of receiver

In any case the Commission shall, whenever, in its judgment, it is necessary for the protection of the interests of the Commonwealth or of the depositors and creditors of any bank doing business in this Commonwealth, or of the creditors of any trust company doing business in this Commonwealth, apply to any court in this Commonwealth having jurisdiction to appoint receivers for the appointment of a receiver to take charge of the business affairs and assets and to wind up the affairs and business of any such bank or trust company failing to comply with the requirements of the Commission, or found upon examination to be insolvent or unable to meet its obligations and the legal demands made upon it in the ordinary course and conduct of its business.

(Code 1950, § 6-116; 1966, c. 584.)

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Last modified: April 2, 2009