§ 6.1-105. Interest on deposits; distribution of surplus remaining after payment of depositors
When any court of competent jurisdiction shall, on a proper application therefor, appoint a receiver for any state bank, banking institution, or trust company, such court may prescribe and direct, by order or decree entered of record, that the rate of interest to be paid by such receiver upon the claims of depositors of such bank, or banking institution, or trust company, shall not exceed the current or contracted rate of interest paid by such state bank, banking institution or trust company on deposits and may also fix the interest to be so paid at such lower rate as such court may deem proper under all the circumstances of the case. In any such event such court shall also direct that any surplus remaining after the payment in full of such depositors, together with the interest thereon as so prescribed and fixed, shall be distributed pro rata among the shareholders of such bank, banking institution, or trust company, as of the date of the appointment of such receiver.
(Code 1950, § 6-69; 1966, c. 584.)
Sections: Previous 6.1-99 6.1-100 6.1-100.1 6.1-101 6.1-102 6.1-103 6.1-104 6.1-105 6.1-106 6.1-107 6.1-108 6.1-109 6.1-110 6.1-110.1 6.1-110.2 NextLast modified: April 2, 2009